What is OFAC sanctions screening and how does it affect my foreign-owned LLC?
I am an Iranian-born Canadian citizen who owns a U.S. LLC. When I tried to open a bank account, they said my application needed 'OFAC screening.' A week later they told me my application was still under review because of my country of birth. I have been a Canadian citizen for 15 years and have never lived in Iran as an adult. Can my country of birth really affect my ability to use a U.S. LLC? What is OFAC and what are they checking? I am worried they will deny my account.
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