OFAC Sanctions Solution
➡️ OFAC Real-time Screening
➡️ Batch Processing
➡️ Automated screening
➡️ Integrated Compliance
➡️ False Positive Reduction
➡️ Alert
➡️ Reporting
Sanctions screening is a critical part of an enterprises' anti-financial crime framework and helps protect businesses from illegally engaging with any sanctioned companies, entities or individuals. Every transaction that takes place in U.S. dollars is subject to Office of Foreign Assets Control (OFAC) regulations, and there are stiff civil or criminal penalties for non-compliance.
Our team developed a solution which saves our customer thousands of dollars on screening tool annually.
Running an OFAC check may appear simple, fairly straightforward, but in fact, it's not efficient to do on a large scale because of the time intensive. It is required to screen entities one-by-one. It’s also complicated by the fact that people, entities, and countries are regularly being moved onto and off of OFAC’s lists. And OFAC screening is usually just one of many things a business has to do to comply with KYC / KYB / KYE regulations.
Our tool supports one of our customers with intelligent OFAC solutions for regulatory compliance management, risk prevention to easily adhere to U.S. Treasury sanctions of OFAC SDN and non-SDN lists, vessels, entities, aircrafts.
Our software provides specialized data feeds for sanctions screening. We apply Jaro-Winkler algorithms and reduce significantly false positive to quickly screen all transactions and return precise results. Contact us to discuss about the integration into your existing technology framework.
Configure
Our sophisticated name matching algorithms with advanced, customized search filter optimizes the identification of risk that deliver precise results.
Screening
Utilize our data lists to efficiently and effectively screen for SDN and non-SDN, Watchlist
Alert and Case Management
Continually monitor existing clients, partners or vendors for Sanctions
Score
Simplify your screening process with significant reduction of false positives and increase velocity.
Check out OFAC Basics Video Series
The series is provided by U.S. Department of the Treasury
Episode 1: The Office of Foreign Assets Control
Episode 2: Blocking & Non-Blocking Sanctions
OFAC Basics: Sanctions List Search
This video introduces viewers to different types of OFAC sanctions lists and provides a brief tutorial on how to use OFAC’s Sanction List Search tool to assess potential matches to sanctioned persons. The information in this video is for training purposes only. The information in this video is subject to change and is only current as of January 19th, 2024.
Source: OFAC Video Series | Office of Foreign Assets Control (treasury.gov)
Risk Factors and Considerations for Instant Payment Systems
To mitigate the risk of violating OFAC regulations, OFAC recommends that U.S. persons, including U.S. banks, employ a risk-based approach to sanctions compliance by developing, implementing, and routinely updating a sanctions compliance program that is predicated on and incorporates at least five essential components of compliance:
