“Visual OFAC is a very important part of our work, and we are very satisfied.”
DIRECTOR OF COMPLIANCE, FINANCIAL SERVICES, CHICAGO
Increasing Compliance Assurance without Increasing Costs.
When the USA Patriot Act was introduced, amongst other provisions it amended the Bank Secrecy Act to strengthen U.S. measures to prevent, detect and prosecute international money laundering.
The amendment requires financial service companies to screen against U.S. Treasury Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list and to ensure compliance with OFAC country-based sanctions. This, in addition to lists against which most financial services firms screen as part of their corporate anti-money laundering (AML) and know your customer (KYC) programs: Patriot Act Section 311, FinCEN 314a, Politically Exposed Persons (PEP), FBI, OSFI, UK Consolidated (formerly the Bank of England consolidated list), EU Consolidated and FATF. In short, OFAC compliance for financial services is as critical component to governance, risk and compliance efforts than ever before.
As financial services firms once again prepare for increased regulation, scrutiny, and oversight, the prudent are evaluating their compliance systems. Chief amongst concerns is how to achieve compliance goals in an environment of soaring transaction volumes without increasing costs.
Visual OFAC addresses this concern with OFAC screening and supplemental compliance solutions that mitigate risk faster and decrease workload, without significant additional resources or compromising accuracy. The solutions streamline and simplify compliance and screening processes, strengthen controls and oversight, and support organic and external growth, domestically and internationally. The result is lasting savings and sustainable improvements in operational compliance efficiency.