Streamline Compliance and Reduce Risk with OFAC Alert

OFAC Alert

Streamline Compliance and Reduce Risk with OFAC Alert

As part of its compliance requirements, the Office of Foreign Assets Control (OFAC) requires financial institutions to screen accounts against the OFAC listings. Compliance is a necessary but often cumbersome process, with failure to comply resulting in costly fines. OFAC AlertTM is an efficient solution to facilitate your compliance with OFAC requirements and various regulations, such as the USA PATRIOT Act.

OFAC Alert — a powerful tool that will help put you on the road to compliance.

Fast. Easy, Online Access to USA PATRIOT Act Compliance

In addition to current OFAC regulations, the proposed USA PATRIOT Act regulations also require identities of account applicants to be verified and screened against U.S. government lists. Typically, such new regulations add to the already cumbersome, time consuming process of manually searching through lists that are frequently incomplete. OFAC Alert can help you comply by:

• Automatically crosschecking against the OFAC database when you request a credit report

• Immediately notifying you of any OFAC warning or “hit”

• Providing you with a record indicating you checked OFAC as part of your due diligence A sophisticated tool, OFAC Alert automates the OFAC screening process and delivers clear, easy-to-read results to the point-of-sale on every inquiry, streamlining your compliance efforts with minimal cost.

OFAC Alert enables you to:

• Reduce costs and lengthy searches by accessing a comprehensive online source of OFAC data

• Facilitate compliance with certain OFAC and USA PATRIOT Act regulations

• Avoid costly fines by implementing a government list screening solution that is required by various regulations

• Save time and allocate resources more efficiently by reducing the time spent conducting manual searches and reviews

• Automate a burdensome component of the compliance process by integrating OFAC screening into your current account opening procedures

• Document your compliance efforts     with a record that you checked OFAC as part of your due diligence


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