gOFAC®
Accelerate compliance processing with automated, real-time OFAC screening.
gOFAC® lists are composed of more than 57 regulatory screening lists compiled from international sources and several hundred configurable PEP lists (Politically Exposed Persons). gOFAC® allows you to perform one screen-ing search with the results available in either real time via an API connection or in Batch mode.
How it works
1
Use proprietary matching logic to eliminate false negatives
2
Access more than 50 regulatory and sanction screening lists
3
Automate name screening with up-to-date watch lists
Benefits Include
- Mitigates the chances of compliance violations
- Streamlines customer onboarding through real-time OFAC check
- Reduces false-positive results
- Reduces analyst intervention in clearing potential hits
FAQs
When used as a stand-alone service, a search can be conduct- ed using only the customer name, address and DOB. When used in conjunction with gIDENTIFY® Standard, an automatic OFAC screening is included with every gIDENTIFY inquiry. If a hit is detected on an OFAC list, GIACT recommends that a full gOFAC call-out is made in order to receive the full details of that inquiry.
When used as a standalone service, gOFAC will return a decision-based response of Yes/No as well as a plethora of detailed information in XML that aids in reducing false positives. Additionally, every gIDENTIFY Standard inquiry automatically includes an OFAC screening.
Like most products that make up the EPIC Platform®, when gOFAC is used as a standalone service you will get charged a per transaction fee based on your projected volumes to GIACT.
