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Regulatory Compliance Solutions for US Wholesale Banking Funds Transfer: Keeping Up with OFACPublished by: TowerGroup Published: Jan. 1, 2000 - 9 Pages Table of ContentsHighlights Introduction Challenges of OFAC Compliance Vendors and Products Conclusion AbstractThe mission of OFAC (the Office of Foreign Assets Control, a division of the US Treasury Department) is to enforce sanctions against targeted nations, organizations, and individuals that pose a threat to US national policy and security goals. One of the duties of OFAC is to impose controls on financial transactions both to and from "blocked" entities, including freezing assets and prohibiting many of the financial services routinely provided by wholesale banks to their corporate customers, including opening accounts, processing payments, providing letters of credit, and transferring securities. Because the list of "blocked" entities identified by OFAC numbers in the thousands, for many banks transaction volumes can be sufficiently high that it is not economical to manually screen transactions for compliance.This TowerGroup Research Note describes OFAC, its mission, and what banks must do to comply with its regulations; why keeping up with changes in OFAC regulations is a major challenge; and why automated solutions are needed for large wholesale banks. In this Note, the different components of an automated OFAC interdiction system are outlined; the different types of vendors of OFAC solutions and their products are summarized; and the trends in OFAC interdiction system technologies are examined.
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