ISTwatch© OFAC Compliance Software Features and BenefitsThe ISTwatch searching options:
Batch Processing Utility: the ISTwatch Batch Processing utility allows you to perform batch searches on data files and database tables and match them against a number of terrorist and denied parties lists, including OFAC’s Specially Designated Nationals list, and Bureau of Industry and Security’s denied Persons List.. It can use the data source in a user-specified format and write results to a file or database table. Searches can be performed on names, street addresses, cities/states and countries.
Interactive Searching : This solution allows users to manually enter names, street addresses, city and/or country information and match them against terrorist and denied parties lists and the same lists as the batch processing utility. All processing is executed behind the scenes by the high performance ISTwatch matching engine. Matches found are returned to users along with all supplemental information, such as dates of birth, passport numbers (if available), programs, sanctions, and aliases.
ISTwatch is the right compliance solution with a plethora of benefits:
Foreign Name Transcriptions: Foreign names often have multiple English transcriptions, which may cause a lot of confusion in the data matching process. The same Middle Eastern name can be spelled in 5 – 10 different ways, based on conventions used. These differences include vowel and diacritic representations, non-standard word splitting and concatenation, use of glottal stops, double letters and consonants not present in Latin-based alphabets. Depending on a transcription method, the name “Mohammed Al-Kadir” can be spelled as “Mohamman Alqadir”, “Muhamad Alkadr’, “M’hamed AlQadr”, making it impossible for regular comparison routines to find all relevant matches. ISTwatch was specifically developed to overcome variations due to foreign name transcriptions. Loaded with an expert rule-base system and a set of specialized services, it handles a majority of such difficult cases.
Compliance with US Patriot Act and OFAC Regulations: OFAC administers and enforces economic and trade sanctions against targeted countries, terrorism sponsoring organizations, and international narcotics traffickers. ISTwatch not only simplifies the compliance process but significantly improves the ability to correctly identify blocked entities.
Elmination of OFAC Violation Fines: Failure to comply with with OFAC regulations can result in substantial fines. With the help of ISTwatch, suspicious transactions can be tracked down and reported to OFAC or other list supporters.
Elimination of False Positives: Through the utilization of
its advanced matching technology, ISTwatch overcomes many significant variations while reducing the incident of false positives.
ISTwatch XML Web Services: ISTwatch Web Services allow client-side scripts to invoke our server’s remote methods and receive processed data back in XML format. XML allows for more efficient data parsing in Web-enabled applications. ISTwatch functions can be called via XML Web Services.
Other features include:
• False positive handling functions
• Interactive look-up utilities
• Database export facility
• Wide support for different environments
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