Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing.
This new solution will enable businesses to fulfill the most current version of OFAC compliance by comparing client-provided lists against regulatory and sanction screening lists, including international sources, Politically Exposed Persons, OFAC and other sources.
“When a change to an OFAC list occurs, companies are required to act,” David Barnhardt, executive vice president of product at GIACT, said in an emailed press release. “gOFAC Monitoring proactively scans lists as they are updated and automatically compares them with your customer lists, streamlining OFAC compliance practices and eliminating the need for manual processing of existing customers.”
The gOFAC Monitoring also works to detect name spelling and name order to identify potential name matches, and will notify the business and provide available information for analyst review.
“Companies that are mandated to comply with OFAC regulations, including financial services, investment firms, money transmitters and others, all have an ongoing requirement to run OFAC checks,” said Meg Nicholls, chief compliance officer at GIACT. “gOFAC Monitoring helps those businesses stay compliant, offering conditional, high and exact potential match probabilities against government-maintained lists offered through GIACT’s industry-leading suite of OFAC solutions.”
The solution is offered through GIACT’s EPIC Platform. Just last month Equifax announced that it was teaming up with GIACT to launch the platform to help joint corporate customers mitigate the risk of fraud. The platform supports real-time enrollment, payment, identity management, compliance and mobile fraud prevention, using Equifax technology to analyze customer identity and behavioral data.
“We are pleased to be entering into an alliance with Equifax,” said GIACT Co-Founder and CEO Melissa Townsley in a statement. “Our mission is to protect businesses and consumers at every touchpoint, which requires comprehensive data. The alliance with Equifax provides important access to some of the most complete and unique set of data assets available in the market. Whether it’s protecting enrollment and payments, or assisting customers to meet regulatory requirements, GIACT is committed to ongoing protection and support.”