GIACT Systems, a provider of identity and authentication technology, has released a new OFAC compliance solution to lower false positives.
The new gOFAC Monitoring service helps businesses meet OFAC compliance requirements by comparing client-provided lists against regulatory and sanction screening lists, such as international sources, politically exposed persons, OFAC, and other sources.
Its technology proactively scans lists when they are updated and automatically compares them with a business’ customer lists. Through a matching logic, it eliminates false positives and ensures potential matches.
In addition to this, the service accounts for variations in name spelling and name order to identify potential matches. Once this is detected, GIACT will automatically notify a business and provide all of the information available for an analyst review for case management.
GIACT chief compliance officer Meg Nicholls said, “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.
“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.”
Earlier in the year, GIACT Systems teamed up with Equifax to help customers improve their identity verification processes and combat fraud threats.
Last year, the RegTech partnered with PNC Bank and National Association to launch a new identity verification offering. The solution will provide clients with real-time fraud prevention tools to confirm an account is open, active, and secure before conducting payments.
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