Tag: OFAC

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three quarters of the world’s $4.2bn total. 2023 continued this trend, with US financial institutions paying 83% ($157.26m) of total penalty dollars, a stark contrast to their 10% share in global regulatory violations.

A recent post by Alessa has detailed what the Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons List is.

The world of global finance comes with its share of dangers. From the looming shadows of money laundering to the menace of terrorist financing,...

Regulatory fines slapped on global financial institutions saw a staggering 88% dip in H1 2023 compared to the same period last year. This significant decline was unveiled in a report from Fenergo, the top-tier provider of digital solutions in client lifecycle management (CLM).

Compliance with the Office of Foreign Assets Control (OFAC) sanctions is a major challenge for financial institutions, but how can they be certain they meet the necessary requirements.

GIACT Systems, a provider of identity and authentication technology, has released a new OFAC compliance solution to lower false positives.

Compliance automation platform Ascent RegTech has revealed a new Federal regulators pack which supports compliance requirements of a number of legislations.

IdentityMind, a RegTech 100 company, has been selected by North International Bank to conduct its KYC and AML processes.

Feedzai, which uses AI and machine learning to manage risks associated with banking and shopping, is expanding its global reach with the opening of an office in Hong Kong.