The Office of Foreign Assets Control's (OFAC) sanctions regulations prohibit U.S. citizens, businesses and financial institutions from engaging in business or financial transactions with persons or entities on OFAC's Specially Designated Nationals List (SDN List). Screening customer and other databases is the only way for organizations to identify possible transactions involving an SDN and to ensure compliance with the various sanctions programs enforced by OFAC.
Manually cross-checking potential business partners and other databases against OFAC's SDN list is a daunting task, especially for businesses who conduct a large number of transactions. Between the frequent changes to OFAC's SDN List and the number of transactions a business conducts, some may be tempted not to place the proper emphasis on their OFAC compliance program.
The good news? Screening current and potential business partners against OFAC's SDN List does not have to be labor intensive. Complying with OFAC's regulations and sanctions programs can be simplified by using a web-based automated, restricted party watch list screening software, such as CSI's WatchDOG® Elite.
Ensuring compliance with OFAC sanctions and USA PATRIOT Act obligations can be both cost effective and comprehensive when you choose a CSI Watch List Solution. Our WatchDOG Elite suite of products:
- Helps ensure compliance with economic and trade sanctions administered by OFAC and facilitates screening against other government issued restricted party watch lists
- Assists in identity verification and enhanced customer due diligence at account opening as required by your AML, CIP and CDD programs
- Assists in compliance with the NACHA rules regarding the new IAT code and format
- Reduces false positives and therefore reduces manual labor costs
- Helps to reduce the risk of violations, fines and penalties
For your most tedious and comprehensive OFAC compliance and watch list checking demands, choose the right vendor with the most cost-and-risk-effective OFAC web service and software - CSI WatchDOG Elite.