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Digital Identity, Security & Online Fraud

GIACT launches OFAC compliance solution to eliminate false positives

Friday 12 July 2019 | 10:04 AM CET

GIACT Systems has launched gOFAC Monitoring, a new OFAC compliance solution that eliminates false positives and supports compliance processing.

gOFAC Monitoring compares client-provided lists against regulatory and sanction screening lists, including international sources, Politically Exposed Persons, OFAC, and other relevant sources that are regularly updated to reflect the most current version from the sources.

The solution uses GIACT's existing proprietary matching logic to eliminate false positives and ensure potential matches are more accurate. gOFAC Monitoring also takes into account variations in name spelling and name order to identify potential name matches. When a "potential match" is detected, GIACT automatically notifies the business and provides all information available for analyst review in a purpose-built case management solution.

gOFAC Monitoring is offered through GIACT's EPIC Platform which is a set of enrolment, payment, identity, compliance and mobile solutions that safeguard the complete customer lifecycle.

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