GIACT® Announces Automated OFAC Monitoring Product

Compliance
Press Releases

DALLAS — July 11, 2019 — GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of gOFAC Monitoring – GIACT’s new OFAC compliance solution that eliminates false positives and accelerates compliance processing. gOFAC Monitoring helps businesses with their OFAC compliance needs by comparing client-provided lists against regulatory and sanction screening lists, including international sources, Politically Exposed Persons, OFAC, and other relevant sources that are regularly updated to reflect the most current version from the sources.

“When a change to an OFAC list occurs, companies are required to act,” said David Barnhardt, EVP of Product at GIACT. “gOFAC Monitoring proactively scans lists as they are updated and automatically compares them with your customer lists, streamlining OFAC compliance practices and eliminating the need for manual processing of existing customers.”

Companies that are mandated to comply with OFAC regulations, including financial services, investment firms, money transmitters and others, all have an ongoing requirement to run OFAC checks.

Meg Nicholls
Chief Compliance Officer at GIACT

gOFAC Monitoring uses GIACT’s existing proprietary matching logic to eliminate false positives and ensure potential matches are more accurate. gOFAC Monitoring also takes into account variations in name spelling and name order to identify potential name matches. When a “potential match” is detected, GIACT automatically notifies the business and provides all information available for analyst review in a purpose-built case management solution.

“Companies that are mandated to comply with OFAC regulations, including financial services, investment firms, money transmitters and others, all have an ongoing requirement to run OFAC checks,” said Meg Nicholls, Chief Compliance Officer at GIACT. “gOFAC Monitoring helps those businesses stay compliant, offering conditional, high and exact potential match probabilities against government-maintained lists offered through GIACT’s industry-leading suite of OFAC solutions.”

gOFAC Monitoring is offered through GIACT’s EPIC Platform® –a complete set of enrollment, payment, identity, compliance and mobile solutions that safeguard the complete customer lifecycle.

–via PRNewswire

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