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.