What are the fines and consequences for violating OFAC sanctions?

Violation of OFAC sanctions can result in serious civil and criminal penalties. For most sanctions programs, the maximum civil penalty is approximately $307,922 per violation or twice the value of the transaction, whichever is greater. Willful violations can lead to criminal prosecution with fines of up to $1 million and imprisonment for up to 20 years. OFAC penalties are calculated individually, taking into account the severity of the violation, intent, and the company’s history of sanctions violations. In addition to financial penalties, violators may face asset freezes and reputational damage.