Throughout the U.S., many banks and other businesses are taking a second look at their current compliance processes as the industry buzzes with the recent record-setting fines from the Office of Foreign Assets Control (OFAC). While these particular situations are extreme cases of OFAC compliance violations, financial institutions and U.S. businesses of any size are at risk for receiving heavy fines and penalties if their compliance program cannot adequately keep up with revisions to OFAC regulations and monitor for violations.
ATTUS Technologies, Inc., a division of Computer Services, Inc. (CSI) (OTCQX: CSVI) and a leading regulatory compliance solutions provider, helps businesses simplify these issues and mitigate risk through its industry-leading WatchDOG® Pro, an automated OFAC verification solution. WatchDOG Pro screens entity and individual names against OFAC lists that are updated in near real time, providing institutions with an easy and efficient method for monitoring OFAC compliance. It compares customer and vendor lists against multiple watch lists, including OFAC’s Specially Designated Nationals (SDN) List and Sanctioned Countries List.
“While the scenarios surrounding the recent OFAC violation fines have shed new light on the importance of keeping up with OFAC list changes, ATTUS has been providing businesses with top-quality OFAC compliance monitoring for many years now,” said Bradley Allen, vice president of ATTUS Technologies. “We understand that compliance is a fast-paced, critical component to any businesses’ success, and WatchDOG Pro can be an effective solution for allowing them to avoid such widely publicized compliance violations.”
By utilizing sophisticated disqualification and matching techniques to check customer information against OFAC’s various lists of restricted individuals, countries and entities, WatchDOG Pro drastically minimizes the occurrence of false positives requiring review from the business and ensures all transactions are fully compliant with the latest rules and regulations required by OFAC. In order to keep up with the frequent changes OFAC makes, WatchDOG Pro updates its OFAC lists on-demand, revising its internal lists within 24 hours of any changes from OFAC.
To learn more about the importance of OFAC compliance and how it can impact financial institutions, download one of ATTUS Technologies’ OFAC white papers at http://www.attustech.com/ofac/ofac-white-papers.aspx.
About ATTUS Technologies, Inc.
ATTUS Technologies, Inc. is an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. ATTUS serves more than 5,000 clients comprised of Financial Services, Insurance, Software, Healthcare, Pharmaceuticals, Energy & Utilities, Wholesale Goods, Travel & Leisure, Real Estate, Non-profit, Retail and more. ATTUS’ solutions provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), Regulation CC and Regulation E. ATTUS, a wholly owned subsidiary of Computer Services, Inc., is based in Charlotte, N.C. For more information about ATTUS, visit www.attustech.com.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and world-class customer service explain why CSI is known as one of the nation’s premier providers of technology solutions for the financial services industry. CSI’s stock is traded on the OTCQX under the symbol CSVI. CSI is based in Paducah, Ky. For more information about CSI, visit www.csiweb.com.