OFAC Compliance for Banks: What You Need to Know
The Office of Foreign Assets Control, or OFAC, is a financial intelligence and enforcement agency within the U.S. Department of Treasury. It administers trade and economic sanctions against hostile foreign governments, terrorists, international drug traffickers, those that proliferate weapons of mass destruction, and other organizations and individuals duly identified as a threat to the national […]
Using Technology to Stop Funding of Terrorist Organizations
Technology is a key tool combatting terrorist financing. Here’s what businesses should know about the prevalence of terrorist funding, types of common terrorist funding ploys, and how tech is helping fight terrorism.
5 Rules You May Not Know for Doing Business in Canada
In recent years, Canada has developed an increasingly strong reputation as one of the best places in the world to do business. Here are five Canadian business regulations to be aware of.
What Financial Services Processors Need to Know About Account Verification
With the increased speed of the electronic payments clearing house system, banks have to work quickly to prevent fraud and maintain the integrity of the network. Fortunately, NACHA compliant account verification services can help them process consumer and business payments in high volumes.
OFAC Compliance: A Primer For Financial Professionals
OFAC is an arm of the U.S. government designed to promote U.S. policy abroad. For companies doing business in U.S. jurisdictions, failing to comply with OFAC can result in hefty penalties and public rebuke that is harmful to the company’s reputation. Fortunately, partnering with a commercial data company focused specifically on OFAC compliance can prevent violations.
5 Tips for Implementing Sanctions Screening
OFAC sanction screening is required by U.S. law. Doing so efficiently and accurately helps your business by allowing you to grow your customer base without worry. Here are some easy-to-implement strategies that improve OFAC screening procedures to reduce risk for companies.
Is OFAC Screening Enough?
In this era of global commerce, it can be difficult to know the specific details of every client with whom one does business. Federal law actually prohibits transactions with certain companies, businesses and individuals in order to limit nefarious activity. However, many U.S.-based entities fail to do the full due diligence to ensure compliance with […]
What is RegTech? A Definitive Guide on Regulatory Compliance Technology
The newest iteration of FinTech, regulatory technology, or RegTech, is a series of services designed to help financial institutions navigate the increasingly murky waters of regulation. After the 2008 crash, regulators focused on banks and other financial institutions, tightening restrictions on many aspects of banking and lending. With the rules constantly changing, financial institutions need […]
Minimize Onboarding Risks with Fraud Prevention and OFAC Screening
The federal government issues sanctions against foreign-based governments, people and companies that break the American laws prohibiting terrorist activities, narcotics or human trafficking. Once those sanctions are in place, the government also prohibits American companies and individuals from doing business with the sanctioned entities. The OFAC — Office of Foreign Assets Control, a division of […]
Understanding the OFAC: Sanctions and Compliance
The Office of Foreign Assets Control (OFAC) has many tools available to control the assets of foreign-born persons or foreign countries whose policies or activities threaten U.S. interests. Entities that engage with off-shore business enterprises should ensure that their partners are not included on any of the OFAC sanctions lists and that their activities are […]