gOFAC Monitoring®
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 screening search with the results available in real-time via our API or Batch.
How it works
1
Use proprietary matching logic to eliminate false positives and access more than 57 regulatory and sanction screening lists
2
Automate name screening with up-to-date watch lists
3
Automated screening of customer records and updated OFAC and sanction lists to notify users of potential hits to review and resolve using case management solution
Benefits Include
- Maintain a high-level of compliance standards, mitigating the chances of compliance violations
- Streamline customer onboarding through real time OFAC check
- Reduce false positive results
- Reduced analyst intervention in clearing potential hits
- Automated screening of records as OFAC and sanction lists are updated to eliminate manual screening and out-of-date records
FAQs
When used as a stand-alone service, customers need only submit name, address and DOB. In addition, when using gIDENTIFY Standard, an automatic OFAC screen is performed free of charge with every gIDENTIFY inquiry. If a hit is detected on an OFAC list, GIACT recommends that a full gOFAC inquiry is made on the individual or company.
When used as a stand-alone service, gOFAC will return a response based on the match level as well as the information related to the sanction lists. Additionally, every gIDENTIFY Standard inquiry automatically includes an OFAC screen at no additional charge. When performed with gIDENTIFY and when a hit has been found on any of the OFAC lists, you will receive a notice of that hit. GIACT recommends that you run a full gOFAC screen at that time to receive the full details above.
Others use it for existing customers requesting changes to their payment and/or profile information to work to ensure the request is being made by the true account holder. This technique has helped to deter diversion of money and/goods to a fraudster’s account and/or address as part of a fraud scam. SecureLink has many uses and can be customized to fit your business needs.
Like most products that make up the EPIC Platform®, when gOFAC is used as a stand-alone service, you will be charged a per transaction fee based on your projected volumes.
gOFAC can be configured to automatically monitor customer and business records as OFAC and other sanction lists are updated to screen for potential hits. If matches occur, the system operator is notifed and can then review potential matches in a dedicated case management system.
