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OFAC rules don’t require notice by a government agency. They’re automatically incumbent upon all citizens to follow.
by politician 4y ago
OFAC rules don’t require notice by a government agency. They’re automatically incumbent upon all citizens to follow.
- 323 4y agoCorrect. I've worked in a company which dealt with user money and it was our duty to figure out if someone opening an account was sanctioned. Which was actually hard because you just have lists of names which can be pretty vague like "John Doe, Florida".
- geraldwhen 4y agoI’m surprised their lawyers don’t understand this. Sanctions are not a thing that you get a alerted to. You need to follow who and what is sanctioned and bake compliance into your entire company when handling money.
- mikeyouse 4y agoRight - the legal term of art is strict liability. Perkins Coie has a little explainer: https://www.perkinscoie.com/en/news-insights/ofac-releases-new-detailed-guidance-for-the-digital-currency-industry.html https://www.perkinscoie.com/en/news-insights/ofac-releases-n...
- wmf 4y agoTether is an offshore money laundering company with clown lawyers so they're not really down with any kind of US regulations.
- ETH_start 4y agoNot US-based != "offshore money laundering company"
- prvit 4y agoTether, a multi-billion dollar business obviously has worse lawyers than “geraldwhen” on HN.
- ETH_start 4y agoTether is not referring to the addresses added to the OFAC SDN list. It's referring to the addresses that have in the past interacted with them, which are not on the SDN list, and thus not explictly sanctioned.
- nl 4y ago> They’re automatically incumbent upon all citizens to follow. It's more than that - non-US companies that don't follow them are generally seen as sanction violators and end up sanctioned themselves.