OFAC sanction screening: A critical step in the compliance process
In the age of globalization, international trade, investment, and national security are all interlinked. A country carries out international trade with other countries to expand its market and grow its GDP. However, it may pose a potential threat to national security. Hence many major countries resort to trade sanctions to alleviate threats to national security.
What is a Sanction?
Sanctions are a method of economically isolating a country or regime. It is essentially a check of the individual’s name against a government-approved list of entities barred from participating in specific activities.
How to Search or identify Sanctioned individuals & entities?
Any transaction with a sanctioned person is illegal for US citizens. OFAC provides an SDN list search engine. Users can narrow down their search results by country or specific sanctions. A search yields a name and a code indicating why the individual or organization was included in the list. Although you can obtain someone’s OFAC reports from any firm, doing so may jeopardize your privacy and is not always reliable. However, it is prohibitively expensive and time-consuming.
Make Sure Your Watchlist Screening Includes the Most Recent Sanctions
Staying compliant with ever-changing regulations is critical, but it doesn’t have to be complicated. Cloud Maven, Inc., a Salesforce certified ISV partner and recipient of the prestigious “2021 Salesforce Innovative Partner Award,” has developed an automated OFAC screening application OFAC Checker. It handles daily automatic re-scans from constantly updated authoritative sources and performs OFAC checks on individuals and entities from Salesforce standard or custom objects either automatically or manually.
It has a slew of incredible features, some of which are as follows:
- Performs an unlimited number of OFAC checks on individuals and entities
- Support batch processing (Screens a group/list of individuals or entities at once)
- The application re-scans automatically daily
- Smart matching algorithms for accurate matching
- Its Advanced reporting metrics show businesses, whether potential or existing customers are sanctioned individuals or entities from restricted nations or territories by providing statistical insights, graphs, and charts for each activity
- An OFAC dashboard is provided for easy report interpretation and monitoring. The OFAC dashboard provides a comprehensive report on your OFAC search
- Screens all transactions against the OFAC sanction list
- Provides updated OFAC rules, regulations, and notices from all the agencies
OFAC Checker automates the screening process, eliminating manual checks and increasing productivity. The application keeps the “False Positive” entry marked, so you don’t have to review the same hit every time.
It scans databases like the DPL (Denied Persons List), EL (Entity List), UVL (Unverified List), ISN (International Security and Non-proliferation), DDTC ( Directorate of Defense Trade Controls), CAPTA (Correspondent Account or Payable-Through Account Sanctions ), FSE (Foreign Sanctions Evaders), PLC (Palestinian Legislative Council List), SSI (Sectoral Sanctions Identifications List), and SDN (Specially Designated Nationals and Blocked Persons) to ensure that your company is OFAC compliant before dealing with another business.
The use of OFAC Checker has numerous advantages. Several of them are
- It automates the screening process
- It saves time and is cost-effective
- It saves all the data right inside Salesforce
- It has a user-friendly and fully-customizable interface
- Competitive pricing
The application is available on the Salesforce AppExchange. We provide this application at a reasonable cost, with special discounts available for nonprofits. We also have a “try-before-you-buy” policy for all of our applications.
Please feel free to contact us at firstname.lastname@example.org to see a live demo or to try this out free for 30 days.