In this episode of DW FastTrack, Dickinson Wright
members Dan Cotter (Chicago) and Michael
Beckwith (Silicon Valley) discuss the role of the U.S.
Office of Foreign Assets Control (OFAC) and why businesses must
keep up with evolving sanctions laws.
They explain how OFAC enforces economic sanctions, the risks
companies face, and the serious consequences of noncompliance. The
conversation also covers the growing influence of cyber threats,
organized crime, and geopolitical tensions on U.S. sanctions
policies.
Key takeaways:
- Sanctions are constantly changing – New individuals and entities are added to OFAC's Specially Designated Nationals (SDN) list regularly.
- Non-compliance can be costly – Companies have faced massive fines for violating sanctions, sometimes in the hundreds of millions.
- A strong compliance program is essential – Staying proactive can protect businesses from legal trouble, financial penalties, and reputational damage.
Click here to listen on Spotify or watch the full podcast below:
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