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Welcome to your OFAC Quiz

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What does one mean by the term "prohibited transactions" ? Is it trade or financial transactions in which:
Are there exceptions to the prohibitions?
Can I get permission from OFAC to transact or trade with an embargoed country?
OFAC administers a number of comprehensive sanctions programs against:
The fines for violations can be substantial. Do you know what range of fines/imprisonment is applicable for willful violations? criminal penalties include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for .
Can OFAC change its previously stated, non-published interpretation or opinion without first giving public notic
Does OFAC itself require that banks set up a certain type of compliance program?
Is there a dollar limit on which transactions are subject to OFAC regulations?
Can I send money to a sanctioned country using a third-country company’s website? Can I buy gifts for someone in a sanctioned country over the internet? The websites tell me that it’s ok because they themselves are not sanctioned parties.
How do the Iranian Financial Sanctions Regulations (IFSR) define the term “knowingly”?
If oil is being provided as payment for an outstanding debt, is such a transfer considered a “financial transaction”?
The Treasury Department has a long history of dealing with sanctions. Dating back prior to the War of 1812, Secretary of the Treasury Gallatin administered sanctions imposed against "a country" for the harassment of American sailors. What country?


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