OFAC Checker: A modern OFAC screening tool for instant compliance check
KYC poses a significant challenge to financial institutions in the face of today’s increasingly sophisticated financial crime and money laundering schemes, and the cost of non-compliance is high. At the beginning of 2021, the US fined FIs more than $700 million for non-compliance with AML, KYC, and other privacy regulations. Many industries still do not take it seriously. They do not have an efficient program to help them monitor and screen their existing and prospective customers regularly to maintain and ensure compliance. it’s preferable to employ a system that will alert you before doing business with any sanctioned people or companies.
Cloud Maven, Inc. presents OFAC Checker, an automated no-coding OFAC screening platform for businesses to create efficiencies by removing the complexities of manual processes and the risks associated with human error. It provides unlimited OFAC checks on individuals and entities automatically/manually using any Salesforce standard or custom object. It also supports batch processing to help with bulk screening. As a result, it saves a lot of time and effort.
OFAC Checker supports advanced reporting metrics to provide insightful reports on each activity through charts and graphs. It provides a fully-customizable OFAC dashboard to interpret and monitor reports. It also provides updated OFAC rules, regulations, and notices from all authorized agencies to ensure that your watchlist includes the most recent restrictions.
OFAC Checker requires only the name of an individual and entity to screen against DPL (Denied Persons List), EL (Entity List), UVL (Unverified List), SDN (Specially Designated Nationals), and other government watchlists. The application saves identical profiles to reduce “False Positives.” Once a profile is marked as “False Positive”, it will remain marked for all future searches, which reduces the chance of screening the same profile again.
It takes only 20 minutes for set up and installation. By including the OFAC Checker, you can ensure that your existing customers are being monitored. The application is available on Salesforce AppExchange.
To get a 30-days free trial, reach out to us at info@clodumaveninc.com
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