ISTwatch© OFAC Compliance Software Features and BenefitsISTwatch is the right PATRIOT ACT compliance solution. It has a
plethora of benefits, including:
- Compliance with US Patriot Act and OFAC Regulations: As mentioned above, ISTwatch is a tool that not only simplifies the compliance process, but significantly improves the ability to correctly identify blocked entities.
The Office of Foreign Assets Control of the U.S. Department of the Treasury administers and enforces economic and trade sanctions against targeted countries, terrorism sponsoring organizations, and international narcotics traffickers.
- Avoid Fines for Violation of OFAC Regulations: All U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens no matter where they are located. The fines can be substantial. With the help of ISTwatch, suspicious transactions can be tracked down and reported to OFAC or other list supporters.
- Decrease the Number of False Positive hits: Through the utilization of
its advanced search and matching technology, Intelligent Search Technology successfully created a system that overcomes many significant variations while reducing the incident of false positives.
- OFAC Software Web Services: This easy-to-use, affordable solution targets primarily small to mid-sized businesses whose data volume is up to 1,250,000 records. The utility allows users to upload data to our batch server and perform OFAC searching. The online service has the same features as the software version, however, with the online service you are charged per record processed, as with the software you have unlimited record processing capacity.
- ISTwatch XML Web Services: Web Services allow client-side scripts to invoke our server’s remote methods and receive processed data back in XML format. XML, or Extensible Markup Language, is one of the major technological innovations today and allows for more efficient data parsing in Web-enabled applications. ISTwatch functions can be called via XML Web Services provided by Intelligent Search Technology.
- Batch Processing Utility: ISTwatch Batch Processing utility was specifically designed for small to mid-sized businesses whose data processing volumes just don’t justify the acquisition of the ISTwatch anti-terrorism software. Batch Processor can be customized to generate batch audit logs, reports, and output data in user-specified formats.
- Interactive Terrorist Searching: This solution allows users to manually enter names, street addresses, city and/or country information and match them against a number of terrorist and denied parties lists, including OFAC’s Specially Designated Nationals list, Bureau of Industry and Security’s denied Persons List and more. All processing is done behind the scenes by the high performance ISTwatch engine. Any matches found are returned to users along with all supplemental information, such as dates of birth, passport numbers (if available), programs, sanctions, aliases and much more.
Other features include:
• False positive handling functions
• Interactive look-up utilities
• Database export facility
• Wide support for different environments
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