In the past years, the United States decided to enforce compliance procedures in an effort to decrease fraud and contributions to terrorist activities. EVS’ IdentiFraud Compliance System can be easily customized to include a wide variety of features to best fit a company’s needs.
Companies can compare their customer and employee data against several watch lists. Even more specifically, the IdentiFraud Compliance System allows its administrators to set the times and frequency of the watch list scans. This allows the system to automatically scan the lists, with the option for administrators to be notified directly. For companies that need more than one administrator, there are options to delegate administrative rights to employees.
Some of the screening options EVS’ IdentiFraud Compliance System includes are:
Office of Foreign Asset Control (OFAC is a division of the U.S. Department of the Treasury responsible for U.S. economic trade sanctions for the U.S. national foreign policy. The main focus of the OFAC is to pay attention to countries and regimes connected with negatively impacting U.S. national security.
Financial Crimes Enforcement Network (FinCEN) is the U.S. Department of the Treasury that collects and analyzes information about financial transactions. The purpose of this is to prevent and stop money laundering, financing for terrorists and other similar financial crimes. This is a user-friendly tool that can be integrated into a company’s website or stand-alone.
Canada Office of Superintendent of Financial Institutions (OSFI) is a list of persons and entities subject to sanctions related to multiple Canadian statutes and regulations. This is crucial for businesses from small to large in the global economy we now have. The watch list screening is applicable to clients that are conducting financial transactions in Canada or with Canadian citizens.
There are additional watch lists that companies can implement. For companies that need extremely specific watch lists, there are custom watch lists options.