The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions, primarily against countries and groups of individuals engaged in activities related to the proliferation of weapons of mass destruction and other threats to the national security, foreign policy or economy of the United States. Conducting business with individuals or organizations that are on OFAC lists, and are deemed hostile to the United States can create very real and significant losses to your institution’s bottom line and reputation.
FIS also offers the OFAC IAT Processor, a separate Web service that screens IATs against OFAC lists and helps financial institutions comply in accordance with the new international requirement. Together, OFAC Watch and OFAC IAT Processor solutions help financial institutions maintain compliance with OFAC regulations.
OFAC Watch offers the following benefits to help your institution effectively comply with OFAC regulations:
- Comprehensive solutions
- Easy implementation
- Cost-effective practices
For more information on the products and services available from FIS Risk, Fraud and Compliance Solutions, call 800.822.6758 or e-mail us.