ISTwatch® OFAC Compliance Software Benefits

Some of the benefits of using ISTwatch© in production systems include:

Compliance with U.S. Patriot Act and OFAC regulations
ISTwatch© is a tool that not only simplifies the compliance process, but significantly improves the ability to correctly identify blocked entities. The Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury administers and enforces economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations, and international narcotics traffickers.

Avoid fines for violation of OFAC regulations
All U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located. The fines for violations can be substantial. Depending on the program, criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willful violations. With the help of ISTwatch©, suspicious transactions can be tracked down and reported to OFAC or other list suppliers.

Decrease the number of false positive hits
Through the utilization of its advanced search and matching technology, Intelligent Search Technology successfully created a system that overcomes many significant variations while reducing the incident of false positives. False positives are people and/or organizations that should not be blocked but are flagged as potential blocked candidates.

Plug ISTwatch© functionalities into pre-existing applications
No need to create a new application from scratch. ISTwatch© terrorist searching engine can be invoked from any environment capable of making external function calls.