What is OFAC software?
The Visual OFAC™ platform is a set of comprehensive, cloud-based OFAC list search solutions that helps protect organizations from doing business with those on any of the numerous OFAC watch lists—such as the Specially Designated Nationals (SDN) and Blocked Persons List—and from engaging in business with a country (or …
Do all transactions get an OFAC screening?
The OFAC SDN List is a tool to help U.S. parties comply with sanctions regulations. However, there are no regulations that require automated SDN List screening of transactions or counterparty names. The “F” in OFAC stands for foreign.
What is Alessa?
Alessa is an anti-money laundering (AML) compliance software that helps businesses in banking, finance, insurance, retail and other industries streamline operations related to due diligence, sanctions screening and transaction monitoring.
What does OFAC filtering software do?
OFAC compliance software advantages Screen against U.S. government and international watch lists such as the SDN watch list to ensure you comply with anti-money laundering and anti-terrorism legislation. Perform Sanctioned Party Ownership screening.
What is OFAC interdiction software?
OFAC Sanctions Compliance Training Interdiction software allows companies to automatically screen for high-risk entities. Although sometimes it can be expensive, it may save a company from even more expensive fines.
Who is responsible for OFAC screening?
The federal banking agencies evaluate OFAC compliance programs to ensure that all banks subject to their supervision comply with the sanctions. 31 CFR Chapter V.
What is OFAC investigation?
OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.
What is an interdiction software?
Interdiction software allows companies to automatically screen for high-risk entities. Although sometimes it can be expensive, it may save a company from even more expensive fines. When implementing a compliance program, it is imperative to work with counsel who understands employee training.