OFAC Checker is an application that automates business workflow by screening individuals and entities against the most recent OFAC sanctions list. This solution is developed by Cloud Maven, Inc., a certified Salesforce ISV Partner and winner of the 2021 Salesforce Partner Innovation Award. The Office of Foreign Assets Control (OFAC) is a government agency in the United States that regulates the transfer of money and other assets between the United States and other countries. OFAC imposes economic and trade sanctions on countries that are deemed a threat to US national security. Because they frequently deal with customers from other countries, fintech companies must conduct OFAC checks. A comprehensive OFAC check ensures that Fintech firms are not doing business with individuals or entities on the OFAC blacklist. OFAC regulations are constantly changing and can be difficult to comprehend and implement. Fintech companies require a tool to ensure that they comply with current regulations. As regulations change, it is critical to have a constantly updated tool. In addition, a good OFAC search tool will explain why a transaction is or is not compliant. OFAC Checker easily meets all of their specifications.
OFAC Checker assists financial technology firms in determining whether their customers are involved in terrorism, money laundering, or drug trafficking. It determines whether a person or entity is engaging in anti-OFAC activities. It contains the most recent OFAC rules, regulations, and notices from all authorized agencies, assisting fintech firms in keeping their watchlists updated and prepared to counter future risks. It aids in determining whether the client complies with OFAC regulations. Fintech employees can use any Salesforce standard or custom object to conduct an unlimited number of OFAC checks on individuals and entities. They can easily screen all profiles and contacts at the same time using its batch processing feature and view the reports on a fully customizable dashboard.
Furthermore, the app supports continuous profile monitoring and an automated audit trail, which alerts users when the status of their client's profile changes. Fintech companies can schedule OFAC screens based on their business needs on a daily, weekly, or monthly basis. It saves a lot of time and money while effectively eliminating human error. With the help of OFAC Checker's advanced reporting metrics, fintech companies can obtain real-time statistics reports in graph and chart form. It saves profiles of "False Positives" to avoid repeated screening. False positives profiles are visible in all future searches. OFAC Checker helps fintech companies protect their business environment and stay compliant. This OFAC compliance checking tool is available for a free 30-day trial on the Salesforce AppExchange. Contact info@cloudmaveninc.com or follow Cloud Maven, Inc. on LinkedIn and Twitter to get more info.
