OFAC Only
The Office of Foreign Assets Control (OFAC) maintains a list of Specially Designated Nationals and Blocked Entities (SDN). EVS performs identity validation, logical verification, OFAC screening, and fraud detection as part of single integrated solution to identify individuals and entities that are: owned, controlled by, or acting for or on behalf of the governments of the targeted countries or are associated with international drug trade or terrorism. Financial institutions, securities firms, and insurance companies are prohibited from dealing with SDNs, and obligated to block or “freeze” property and payment of any funds transfers or transactions, and to report all blockings to government.
Automatic OFAC Compliance Screening
The EVS solution compares the name of an applicant against a government-issued list containing the names of known or suspected terrorists, or terrorist organizations. The OFAC analysis is a standard feature offered by EVS.
EVS performs detailed matching, significantly reducing invalid warnings. OFAC screening conducted as part of the standard verification process, independently, or retroactively to scrub an existing Customer Information File (CIF).
Eliminate concern that is inherent to most solutions of this kind. EVS takes into account multiple spelling variations and complexities of foreign names. In addition, if a company name is given, the system will look for variations such as abbreviations extending up to 12 different response codes.
Any changes or updates to the OFAC list are updated the same day.
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