OFAC Matching Software
Did you know?
Businesses that were assessed with heavy monetary penalties from OFAC
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.
OFAC Risk in Payables
Specially Designated Nationals
False Positive Elimination
Unmatched Speed and Accuracy
Rated faster and more accurate than IBM and SAS, DataMatch consistently had the least number of false positives in independent studies.
Integrate our world-class data matching engine with your payment applications, vendor registration systems, etc. for real-time monitoring.
Once you’ve set up OFAC matching strategy in a separate Project, you can reuse it indefinitely with any data set on set schedules.
Prevent attempts to use similar names or alternate spellings to bypass the OFAC list by discovering non-exact matches at scale.