Sanctions Library
OFAC FAQs
Questions about OFAC sanctions, licenses, blocked funds, or the SDN list? Find answers to frequently-asked questions, including:
- What is OFAC?
- Who must comply with OFAC regulations?
- What can I do if my funds were blocked?
OFAC LIST REMOVAL
Individuals and companies who are sanctioned by OFAC are said to be "designated" and they are added to the OFAC list, which is formally known as the List of Specially Designated Nationals and Blocked Persons List (or "SDN List"). SDNs can seek removal from the OFAC list by submitting a delisting petition.
Read about the steps involved in the OFAC delisting process »
SANCTIONS INSIGHTS & UPDATES
The US government has ramped up sanctions enforcement efforts. Read our analysis on recent OFAC actions and other sanctions topics.
- October 2026: OFAC Enforcement Update
On October 13, 2026, three components of the U.S. Treasury Department (FINCEN, OCC, and OFAC) acted in concert against the Bank of America, N.A., imposing more than $1.21 billion in combined penalties for anti-money-laundering and sanctions failures. - August 2026: OFAC Enforcement & Designations Update
A quiet OFAC civil docket contrasted sharply with a heavy, fast-moving designation calendar during the summer months: June, July, and August. - July 2026: OFAC Sanctions Roundup: Iran Shipping Network, Ransomware Enablers, and Khamenei-Linked Assets
OFAC took three designation actions between July 10 and July 14, 2026. Two target Iran and are expressly framed as a response to Iran’s resumption of attacks on shipping in the Strait of Hormuz; the third targets the service providers behind ransomware operations. Two features cut across all three and warrant attention.
EXPERIENCED SANCTIONS COUNSEL
Attorneys from LBKM advise clients, both US and foreign, on a wide variety of sanctions-related issues, including OFAC compliance, delisting petitions, enforcement actions, and criminal investigations. We have deep expertise in this area from the public sector experience of former prosecutors who investigated and prosecuted OFAC matters, compliance officials who can guide companies through OFAC compliance, and skilled regulatory and administrative lawyers who can petition OFAC and fight to remove designations.
OFAC sanctions are an ever-shifting field of regulatory enforcement. Clients must stay aware of constant changes in the scope and coverage of US sanctions, as well as the political themes that determine where OFAC is focusing attention.