Do you know where your data is? Many financial institutions rely on a combined automated and manual approach to updating their OFAC lists. Most data vendors provide a list of new and changed information that is used to update the database that in turn is used to perform sanctions filtering.
For the most part this is a reliable process that happens repeatedly behind the scenes. However, are you sure that every OFAC distribution has been received by your organization? If it was received, was it properly updated to the database? Are you sure that no SDN’s were omitted by your vendor? Surprisingly, these problems do occur and often go undetected. Such failures can place a financial institution at significant risk of penalty and other regulatory sanctions.
To address this challenge, Telavance has developed Advantage OFAC Reconciliation™. This innovative software product provides an automated and independent reconciliation of the official OFAC database with your data vendor’s distribution.
Advantage OFAC Reconciliation can check your database on a daily basis or as often as needed. It runs without any staff intervention or impact on your filtering operations. When ran, it performs a detailed reconciliation of your database and determines:
Advantage OFAC Reconciliation will provide a report back to the IT group and/or compliance group with the results of the reconciliation. With minimal effort and cost, significant regulatory risk can be mitigated.