Best OFAC checking tool: OFAC Checker

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. OFAC checks are now a standard part of business in the United States. Insurance firms must conduct OFAC (Office of Foreign Assets Control) checks to ensure that they are not providing insurance coverage or services to individuals or entities sanctioned by the United States or designated as terrorists, narco-terrorists, or other prohibited individuals or entities. Under US law, this is a legal requirement, and failure to comply can result in significant fines and penalties.

Best OFAC checking tool

OFAC Checker is a tool that helps insurance companies determine whether their customers are involved in terrorism, money laundering, or drug trafficking. It determines whether or not a person or entity is engaged in anti-OFAC activities. It contains the most recent OFAC rules, regulations, and notices from all authorized agencies, allowing insurance companies to keep their watchlists updated and prepared to counter future risks. It aids in determining whether the client complies with OFAC regulations. Using any Salesforce standard or custom object, insurance firms can conduct an unlimited number of OFAC checks on individuals and entities. They can easily screen all profiles and contacts simultaneously using its batch processing feature and view the reports on a fully customizable dashboard.

Moreover, the app supports continuous profile monitoring and an automated audit trail, which notifies the user when the status of their client’s profile changes. OFAC screenings can be scheduled daily, weekly, or monthly based on the needs of the insurance firms. It saves time and money while effectively eliminating human error. Insurance firms can obtain real-time statistics reports in graph and chart form using OFAC Checker’s advanced reporting metrics. False positives profiles are visible in all future searches. OFAC Checker assists insurance firms in safeguarding their business environment and remaining compliant. This OFAC compliance checking tool is available for a free 30-day trial on the Salesforce AppExchange. Contact or follow Cloud Maven, Inc. on LinkedIn and Twitter to get more information.



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