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Regulatory Compliance
The Regulatory Compliance module provides financial institutions with current data from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. The solution enables financial institutions to mitigate risk associated with conducting global payments and international trade activities.
The OFAC administers and enforces economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations and international narcotics traffickers based on U.S. foreign policy and national security goals. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
Features
- Automated and integrated enforcement of OFAC list
- Intelligent algorithm catches partial matches based on special keys and phonetic proximity
- Transactions flagged and routed to special queue for review
- Ability to add employees to "block-list" thereby reducing operations risk
- Comprehensive historical logging of matches and near matches
- Detailed reports designed for evidentiary use in audits
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