Compliance with regulatory guidelines from the Office of Foreign Assets Control (OFAC) is a business requirement that can add cumbersome steps to the customer acquisition and account management processes. Failure to implement sufficient OFAC screening practices can often result in costly fines or reputational risk.
Equifax can help simplify these processes with an automated OFAC screening service for US-based organizations that must comply with OFAC regulations. To help efficiently and effectively screen both new and existing accounts in less time and using fewer resources, OFAC Alert compares new accounts to government listings of Specially Designated Nationals, Blocked Persons and Blocked Entities before opening accounts or conducting transactions such as deposits, loans and fund transfers within existing accounts.
Screen your entire portfolio of customers at once through a batch, offline process or at the point of sale for each new application. And if you do receive a hit, Equifax can assist with the due diligence requirements associated with reviewing each hit with our False Positive Review service. We'll review your initial hits to reduce false positives—saving you time, money and resources—enabling you to focus your reviews and reporting on the positive matches.
Use OFAC Alert to simplify and streamline compliance efforts with key parts of complex regulatory requirements.