AML Transaction Monitoring Tool: OFAC Checker
Manual OFAC screening is a time-consuming and costly process. The process of manually entering data into a database is prone to errors. Even experienced employees can make mistakes. When the government conducts audits, they frequently uncover violations that were missing due to human error. When a company does not have access to real-time data, it cannot monitor its compliance status. Cloud Maven, Inc.’s OFAC Checker automates the workflow and instantly provides real-time OFAC reports on any individuals or entities.
Unlike manual screening, it allows you to execute an unlimited number of OFAC checks on individuals and companies using any Salesforce standard or custom object. It also enables batch processing, allowing you to screen multiple profiles at once.
It examines the person’s real name, alias name, date of birth, Social Security number, address, and other facts to determine whether OFAC forbids them. It includes a fully customizable dashboard that allows you to identify every profile as a positive match or clear based on data from over ten databases.
It is a must-have application for businesses that regularly deal with a high volume of new customers or deal with other businesses. When a new contact is added, the profile is automatically verified at the outset of the transaction. It also supports continuous monitoring and offers daily/weekly/monthly scans. This sanction compliance checking solution also serves as an AML transaction monitoring app, assisting businesses in maintaining a record of all transactions. It is available for a free 30-day trial on Salesforce AppExchange. Contact info@cloudmaveninc.com for any queries, and follow on LinkedIn, Twitter, and YouTube for more information.
