CHARLOTTE, N.C. – (June 26, 2012) – Throughout the U.S., many banks and other businesses are taking a second look at their current compliance processes as the industry buzzes with the recent record-setting fines from the Office of Foreign Assets Control (OFAC). While these particular situations are extreme cases of OFAC compliance violations, financial institutions and U.S. businesses of any size are at risk for receiving heavy fines and penalties if their compliance program cannot adequately keep up with revisions to OFAC regulations and monitor for violations.
ATTUS Technologies, Inc., a division of Computer Services, Inc. (CSI) (OTCQX: CSVI) and a leading regulatory compliance solutions provider, helps businesses simplify these issues and mitigate risk through its industry-leading WatchDOG® Pro, an automated OFAC verification solution. WatchDOG Pro screens entity and individual names against OFAC lists that are updated in near real time, providing institutions with an easy and efficient method for monitoring OFAC compliance. It compares customer and vendor lists against multiple watch lists, including OFAC’s Specially Designated Nationals (SDN) List and Sanctioned Countries List.
“While the scenarios surrounding the recent OFAC violation fines have shed new light on the importance of keeping up with OFAC list changes, ATTUS has been providing businesses with top-quality OFAC compliance monitoring for many years now,” said Bradley Allen, vice president of ATTUS Technologies. “We understand that compliance is a fast-paced, critical component to any businesses’ success, and WatchDOG Pro can be an effective solution for allowing them to avoid such widely publicized compliance violations.”
By utilizing sophisticated disqualification and matching techniques to check customer information against OFAC’s various lists of restricted individuals, countries and entities, WatchDOG Pro drastically minimizes the occurrence of false positives requiring review from the business and ensures all transactions are fully compliant with the latest rules and regulations required by OFAC. In order to keep up with the frequent changes OFAC makes, WatchDOG Pro updates its OFAC lists on-demand, revising its internal lists within 24 hours of any changes from OFAC.
To learn more about the importance of OFAC compliance and how it can impact financial institutions, download one of ATTUS Technologies’ OFAC white papers at http://www.attustech.com/ofac/ofac-white-papers.aspx.