KYC vs OFAC screening: What's the difference?

KYC vs OFAC screening: What's the difference?

KYC (Know Your Customer) answers "who is this person?" OFAC screening answers "can I transact with this person?" They serve different regulatory purposes — KYC is FinCEN/AML, OFAC screening is sanctions compliance — but they are operationally linked: you need to know who you're dealing with to screen them.

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