OFAC Alert

Overview

OFAC Alert automates the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) screening process that is required of financial institutions. OFAC Alert compares new or existing account information to Compliance Data Center’s (CDC) comprehensive database of Specially Designated Nationals (SDNs) and Blocked Persons.

OFAC administers and enforces economic sanctions, which are used by the U.S. government to prevent targeted countries, entities, and individuals from, among other things, accessing our financial system for purposes that are contrary to U.S. foreign policy and national security.

Features

• Searches on name and address so there is no additional data to enter
• Available online for new account screening
• Monitored and updated daily by Compliance Data Center (CDC)
• Data on OFAC list is scrubbed for name variations, duplicates, abbreviations, name transpositions
• Utilizes complex search and matching logic which considers abbreviations and initials, word order, compound words and differing foreign transliterations
• Includes data from the U.S. Treasury’s OFAC list as well as other exclusionary lists
• Minimizes false positives
• Provides notification real-time on screen or through comprehensive, easy-to-read emails delivered daily to compliance department

Benefits

• Automates the compliance process, limiting the amount of maintenance and the number of manual searches
• Better allocation of resources – less manual review for false positives
• Monitored daily, providing confidence that data is accurate and up-to-date