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Automated OFAC & Sanctions Screening

There are dire consequences for organizations that do business with bad actors.  Paying an entity, person or party that is on the sanctions list of the Office of Foreign Assets Control (OFAC) of the U.S.Treasury Department could result in millions of dollars in monetary fines.

Office of Foreign Assets Control – Sanctions Programs and Information | U.S.Department of the Treasury

From drug dealers and diamond smugglers to rogue regimes and terrorist organizations, the federal government maintains lists of organizations, individuals and countries that you can’t do business with.  
What are the Penalties for Breaking OFAC Sanctions? | Dow Jones Professional

Manually checking suppliers against the OFAC Specially Designated Nationals and Blocked Persons (SDN) list – or worse, not checking at all – leaves organizations vulnerable to big compliance issues.

How to Automate OFAC and Sanctions Checks

OFAC and sanctions screening doesn’t have to be so risky.

Financial Operations Networks can help ensure that your organization doesn’t do business with entities on the OFAC SDN list of banned persons and parties in sanctioned countries.

  • Capture supplier and customer information via an online portal
  • Make it easy for suppliers to complete and sign tax forms online
  • Verify the accuracy of information provided by suppliers and customers
  • Automatically validate suppliers and customers against OFAC SDN and 35 other watchlists
  • Check your existing vendor and customer masters against new additions to the OFAC SDN list
  • Quickly and securely complete vendor approval workflows online

SanctionsList Search Tool | U.S. Department of the Treasury

Whether your organization is automating its supplier onboarding and registration process for the first time or make incremental improvements, deploying a self-service vendor portal with automated OFAC checking built-in can deliver big operational and reputational benefits.

The Benefits of Automated OFAC Screening

Automatically screening suppliers against sanctions lists reduces an organization’s risk exposure.

  • Streamline OFAC and sanctions checks during vendor and customer onboarding
  • Perform OFAC screening in real-time
  • Avoid fines and penalties
  • Protect your organization’s reputation
  • Improve your vendor and customer relationships

Organizations of all sizes and across all industries can benefit from automated OFAC SDN and sanctions screening as part of their vendor and customer onboarding.

The Best OFAC and Sanctions Screening Solution

Screening suppliers against OFAC/SDN and other sanctions lists is a critical part of the vendor onboarding and registration process. Screening suppliers and customers against OFAC SDN and other sanctions lists is a critical part of the vendor and customer onboarding and registration process. Click here to book an online demo of our OFAC SDN and sanctions screening solution today.