Crypto Sanctions Compliance Guide: Avoid Risks Now
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The Office of Foreign Assets Control (OFAC) requires crypto businesses to screen transactions against the Specially Designated Nationals (SDN) List to ensure compliance with economic sanctions. Failure to comply can result in severe penalties, and businesses must implement sanctions compliance programs to avoid risks.
Crypto businesses must comply with economic sanctions imposed by the US government. The Office of Foreign Assets Control (OFAC) requires screening of transactions against the SDN List. Blocked virtual currency must be reported to OFAC within 10 business days. The GENIUS Act mandates AML and sanctions compliance programs for stablecoin issuers. OFAC has sanctioned crypto mixers and penalized exchanges for sanctions violations. Compliance programs must include risk assessment, sanctions screening, and geolocation controls.
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