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Simple OFAC Suite™ - Enterprise WatchList Solution
To fight money-laundering and terrorist financing activities,
national and international government regulatory agencies have been reinforcing their regulations on illegal trafficking.
Thus, general transaction screening compliance and customer monitoring have become
the major concerns for financial institutions.
Simple OFAC Suite™ is a simple, one-stop enterprise watchlist solution
to meet the demanding compliance regulations by eliminating the risks of processing
illegal transactions and detecting high-risk customers.
Simple OFAC Suite™ Compliance Software consists of the following three(3) components:
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List Management
Manage sanction list. It supports list upload, includes OFAC SDN List, NS-PLC list, Canada OFSI List and any list you define in xml or csv format.
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Filter Management
Manage watchlist filtering engine instance.
Filtering engine scans text/message against the sanction list, gives alert or no alert result.
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Case Management.
The alert result can be loaded into Case management system for review.
It has build-in algorithm to detect duplicated text/message. It also has flexible, configurable workflow.
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Each component can also used as a separate application. The following diagram shows the relationship between those three components.
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WatchList Solution
