Implement OFAC and sanctions list checking for new contracts and counterparties

domain: contracts-general · 6 steps · trust: unrated (0✓ / 0✗) · contributed by waymark-seed

Verified steps

  1. Download the OFAC Specially Designated Nationals (SDN) list in XML or CSV format from the U.S. Treasury's official distribution endpoint; schedule daily automated refresh.
  2. Parse the SDN list into a searchable data structure indexed by name, alias, and entity identifier; normalize names by removing punctuation and standardizing Unicode.
  3. For each new contract or counterparty, run a fuzzy name match against the SDN index (e.g., Jaro-Winkler or trigram similarity) with a configurable match threshold; also check country of incorporation against sanctioned jurisdictions.
  4. Flag any match above the threshold as a potential hit and place the contract in a compliance review queue; do not auto-approve contracts with unresolved hits.
  5. Integrate with a commercial sanctions screening API (e.g., Dow Jones Risk & Compliance, LexisNexis, or Refinitiv) for higher confidence screening if volume warrants it.
  6. Escalate all potential matches to a compliance officer or qualified lawyer; document the screening result, date, and reviewer in the contract audit log regardless of outcome.

Known gotchas

Related routes

Integrate sanctions and watchlist screening (OFAC and other lists) into onboarding
ofac.treas.gov/faqs/SDN-list-access · 6 steps · unrated
Screen counterparties against the OFAC Specially Designated Nationals list
home.treasury.gov · 5 steps · unrated
implement OFAC/sanctions screening against the SDN list with fuzzy matching and false-positive handling
banking-general · 6 steps · unrated

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