gOFAC compliance solutions help you implement a real-time OFAC compliance program by providing you with the right tools to screen customers based on your specific requirements and entered customer name.
The only way your business can ensure you are not doing business with individuals or groups, such as terrorists and narcotics traffickers, who are the target of economic sanctions administered by the Office of Foreign Assets Control (OFAC) and other watch lists and countries, is to frequently check customer names against the ever-changing watch lists.
GIACT’s proprietary matching logic considers variations in name spelling and order to identify potential matches, while also reducing false positives by using the customer’s date of birth and/or address for additional matching. In addition, when a potential match is detected, gOFAC compliance solutions will also return all available information from the targeted watch list.
- Access more than 50 regulatory and sanction screening lists, including international sources
- Generate all available information from targeted watch lists when a potential match is detected
- Maintain compliance through lists that are accurate, current, and updated
- Provide extra protection through other sanctions lists
- Receive results in real-time via our API or Batch
A small sample of the more than 50 regulatory screening lists included in gOFAC:
|HM Treasury Sanctions Watch List||OFAC Specially Designated Nationals|
|United Nations Consolidated List||Terrorist Exclusion List|
|European Union Consolidated List||FBI Most Wanted|
|Office of Foreign Assets Control Non-SDN Entities||Office of Foreign Assets Control Sanctions|
Non-compliance with OFAC SDN or other watch lists can result in fines and penalties from $50,000 to $10,000,000. It can impact your reputation and position in the marketplace. Most importantly, non-compliance could result in jail time.
Custom OFAC Solution
GIACT offers custom OFAC solutions to meet your needs. By adding our CustomerID™ and Customer Insight solutions, we can provide real-time information to help you resolve potential matches from the gOFAC screening. If there are still potential matches that could not be resolved after utilizing CustomerID and Customer Insight, GIACT provides a turnkey solution to help your company verify if the consumer or company is truly a match or if the potential match is a false positive.
Contact us to learn how to protect yourself and your business with gOFAC.