Best OFAC checking tool
OFAC Checker is an application that automates business workflow by screening individuals and entities against the most recent OFAC sanctions list. This solution is developed by Cloud Maven, Inc., a certified Salesforce ISV Partner and winner of the 2021 Salesforce Partner Innovation Award. The Office of Foreign Assets Control (OFAC) is a United States government agency that regulates the transfer of money and other assets between the United States and other countries. OFAC enforces economic and trade sanctions against countries considered a threat to US national security. Fintech companies must conduct OFAC checks because they frequently deal with customers from other countries. A thorough OFAC check ensures that Fintech companies are not doing business with individuals or entities on the OFAC blacklist. OFAC regulations are constantly evolving and can be difficult to understand and apply. Fintech firms require a tool to ensure that they comply with current regulations. As regulations change, it is critical to have a constantly updating tool. A good OFAC search tool will also clearly explain why a transaction is or is not compliant. OFAC Checker easily meets all of their requirements.
OFAC Checker assists these financial technology companies to determine whether their customers are involved in terrorism, money laundering, or drug trafficking. OFAC Checker determines whether or not a person or entity is engaged in anti-OFAC activities. It includes the most recent OFAC rules, regulations, and notices from all authorized agencies, assisting fintech companies in keeping their watchlists up to date and ready to counter future risks. It helps determine whether the client complies with OFAC regulations. Fintech employees can conduct unlimited OFAC checks on individuals and entities using any Salesforce standard or custom object. Using its batch processing feature, they can easily screen all profiles and contacts simultaneously and view the reports on a fully customizable dashboard. In addition, the app supports continuous profile monitoring and an automated audit trail, which notifies users when the status of their client’s profile changes. Fintech companies can set scheduled OFAC screens according to their business needs daily/weekly, or monthly. It saves a lot of time and cost and eliminates human error efficiently. Fintech companies can obtain real-time statistics reports in graph and chart form with the help of OFAC Checker’s advanced reporting metrics. It stores “False Positives” profiles to prevent repeated screening. False positive designations on profiles remain visible in all future searches.
OFAC Checker helps fintech companies protect their business environment and stay compliant. This OFAC compliance checking tool is available for a free 30-day trial on the Salesforce AppExchange. Contact info@cloudmaveninc.com or follow Cloud Maven, Inc. on LinkedIn and Twitter to get more info.
