“Dynamic Screening works in the background and rescreens our records on a daily basis to help ensure total compliance. We are automatically notified by email when a match is found, regardless of which screening method we’ve used. And it’s all part of one unified audit trail.”
DIRECTOR OF COMPLIANCE, CREDIT UNION, MIAMI
Real-time, continuous OFAC and AML compliance is more than “screen once and forget about it.”
To truly know your customers, and therefore be—and remain—truly compliant, OFAC screening processes should be built-in to automatically screen and rescreen your entire transaction base. The latter, in particular, is one of the best ways to add confidence to any OFAC screening program. After all, just because someone isn’t on a watch list today, doesn’t guarantee they won’t be in the future.
Dynamic Screening—an effective way to help ensure ongoing compliance
Dynamic Screening helps ensure customers, vendors and other business parties you’ve screened in the past—or will screen in the future—don’t show up on any of the constantly-changing government watch lists, such as OFAC’s SDN, blocked persons, and sanctioned and embargoed countries lists, and a multitude of other U.S. and international (e.g., Canada, UK, EU, and U.N.) watch lists.
When a match is found, you’ll be instantly notified so you can stop a potentially prohibited transaction from taking place today, tomorrow, or years from now.
Visual OFAC’s daily rescreening service works regardless of which method (or methods) is used to enter the data, whether through Online Screening, Bulk Screening, or by integrating screening into your existing business system, ERP, MRP or CRM.
Simply put, actively rescreening your vendors, customers, and other contacts against updates to OFAC watch lists is one of the best ways to keep your company ahead of potential compliance issues.