OFAC Matching Software

Automate matching against OFAC Sanctions List using a combination of probabilistic, deterministic, and phonetic algorithms and ensure corporate integrity and compliance.

Did you know?

73%

Studies reveal that 73% of businesses that were assessed with heavy monetary penalties from OFAC had no idea they were in breach and were dealing with vendors and suppliers under economic or trade sanctions by the US government. The rest identified the breach on their end before the government cracked down and avoided fines.

Why does this happen?

Most organizations rely on the Sanctions List Search tool, which fuzzy matches only on the “name” field.

Entities on OFAC blacklists are known to use name variations to bypass such checks.

Your vendor may have been blacklisted post-registration – regular checks are necessary.

Unstandardized and manually entered vendor registration data increases false negatives.

What is OFAC Matching?

The Office of Foreign Asset and Control (OFAC), a US Treasury Department division, creates blacklists of individuals and countries facing economic or trade sanctions to protect federal interests. For compliance purposes, organizations must match vendor lists, including individual transactions, against OFAC blacklists before doing business – or risk heavy penalties. Problem is, you won’t always have exact matches. Blacklisted vendors may be using pseudonyms, data could’ve been miskeyed in your vendor database – which means your data matching software may miss matches and breach regulations. Not with Data Ladder.

Real-Time
Compliance

Conduct screening in real-time on every payment – OFAC watch lists are updated daily – eliminate the risk of breach.

Specially
Designated Nationals

Find information spread across data sets that belong to the same entity and create a single record with complete information.

OFAC Risk
in Payables

Cross-check your payees against OFAC watch lists automatically, whether you have thousands of payments or millions.

False Positive
Elimination

Use advanced matching technology to eliminate false positives by setting match thresholds and assigning weight.

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What You Get With Our OFAC Matching Solutions

Unmatched
Speed and Accuracy
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Rated faster and more accurate than IBM and SAS, DataMatch consistently had the least number of false positives in independent studies.

API-Based
Integration
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Integrate our world-class data matching engine with your payment applications, vendor registration systems, etc. for real-time monitoring.

Automatic
Re-Screening
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Once you’ve set up OFAC matching strategy in a separate Project, you can reuse it indefinitely with any data set on set schedules.

Fuzzy OFAC
Matching
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Prevent attempts to use similar names or alternate spellings to bypass the OFAC list by discovering non-exact matches at scale.

Many businesses are unaware of OFAC matching until they run afoul of the SDN list and are heavily penalized for it. OFAC matching is necessary for businesses, even the ones that do not trade internationally. Besides creating international watch lists to prosecute trade sanctions, the institution is also responsible for rejecting unlicensed financial transactions and trade, both with domestic and foreign entities.

OFAC compliance poses a unique problem for businesses. Manual screening during vendor onboarding is possible but takes up time and resources. A bigger issue is matching payments, which may number in the millions, to monitor suspicious activity and ensure that none of your existing vendors have been added to any watch list – OFAC updates their lists daily.

Data Ladder has engineered the highest rated data matching software for speed and accuracy, using a variety of proprietary and acclaimed matching technologies in tandem with over 300,000 standardization rules for names and nicknames to detect matches and help you guarantee compliance.

OFAC matching is not limited to an industry or a type of business. All businesses are required to be OFAC compliant even if they only deal in domestic trade. Businesses in the financial sector or any service that can be used to transfer money need OFAC the most since they are the most likely targets of entities with malicious intent and therefore remain under heavy scrutiny by regulators.

Our data matching tool is used for mission-critical applications in a variety of domains by the Fortune 500. Market researchers use it to ensure cleanliness of data. Marketing experts match data from their marketing activities and map it to the right customers. The financial and insurance sectors use it for fraud prevention to detect multiple identity creation and to comply with regulations. The applications are limited only by your imagination.

Background

Customers

Recommended Resources

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The 3 Most Important Facts
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Insurance: Minimize Risk
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DataMatch: The Perfect
Watchdog for Your Data

Ready to Start Matching to Clean, Enrich,
and Prepare Your Data?

During your 30-day trial, you can access DataMatch Enterprise™ risk-free. The software is user-friendly and easy to install – what you see is what you get! However, we recommend a 30 to 60-minute non-obligatory online consultation with one of our subject matter experts to help you get the most out of your free trial.

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