OFAC Watch List Screening

What

The Office of Foreign Assets Control (OFAC) is an agency of the U.S. Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. Based on U.S. foreign policy and national security goals, OFAC administers economic trade sanctions against targeted foreign states, organizations, and individuals. Our OFAC Watch List Screening product verifies whether a person is on the OFAC watch list. The product works at the transactional level and reports any matches that occur during this interaction.

How

Our system verifies the identity of the customer or applicant and then checks that identity against the government-sponsored OFAC watch list. We recommend an integration of both the ID Verification and the OFAC Watch List Screening products in order to obtain the most thorough vetting process.

Why

This particular product works to identify names included on the OFAC watch list at the initial transaction point. By returning a list of names matched to the watch list, OFAC Watch List Screening helps prevent your organization from facilitating identity fraud and beginning relationships with high-risk individuals.

Typical Applications

• Processing Transactions
• Transferring Funds
• Avoiding High-Risk Transactions
• Originating Accounts
• Performing Due Diligence
• Ensuring Compliance with Federal Regulations
• Protecting Against Fraud

Whitepaper

OFAC Watch List Compliance