What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?
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A. B. C. D.D
As a compliance officer, if automated software is not available to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens, there are several other methods to consider.
Option A, relying on a credit report from OFAC, is not an appropriate method to conduct OFAC sanction screens. OFAC does not provide credit reports; instead, it provides a list of individuals and entities subject to sanctions.
Option B, conducting a keyword search on the internet, may provide some information about individuals and entities, but it is not a comprehensive method for conducting OFAC sanction screens. Keyword searches may not capture all sanctioned individuals and entities and may lead to false positives.
Option C, using the consolidated Sanctions List Search screen on the OFAC website, is a recommended method for conducting OFAC sanction screens. This search tool allows compliance officers to search all of OFAC's sanctions lists, including the Specially Designated Nationals list, the Foreign Sanctions Evaders list, and the Sectoral Sanctions Identifications list. This search tool is updated regularly, so compliance officers can be sure that their searches are up-to-date.
Option D, obtaining up-to-date copies of the OFAC's Specially Designated Nationals list, is also a recommended method for conducting OFAC sanction screens. This list contains individuals and entities that are subject to U.S. sanctions and is updated frequently. Compliance officers can use this list to conduct manual searches of their client and transaction databases.
In summary, compliance officers can use the consolidated Sanctions List Search screen on the OFAC website and/or obtain up-to-date copies of the OFAC's Specially Designated Nationals list to conduct OFAC sanction screens in the absence of automated software.