Optimize OFAC Compliance in the Changing Market Dynamics

Are cross-border transactions complicating your sanctions compliance strategy? The threat climate has become more dynamic than ever with the rapid expansion of digital commerce. Globalization creates opportunities for business growth while also opening more avenues for bad actors to avoid detection of sanctions evasion, fraud and financial crimes. As regulatory oversight extends into e-commerce and cryptocurrencies, a risk-responsive sanctions compliance strategy is becoming essential to sustainable business success.

Our infographic explores the dynamic sanctions compliance risks and regulatory pressures facing your business. It also illustrates how to strengthen your overall compliance strategy with the combination of digital identity intelligence and extensive sanctions and enforcements coverage.  

The infographic highlights the shif­ting market conditions that increase exposure to sanctions and compliance risks:

• The rapid expansion of digital commerce accelerates transaction speeds and drives the globalization of commerce
• Decentralized, cross-border commerce demands more resources to e­ffectively manage risks
• Overlapping regulatory expectations and multiple sanctions regimes are complex to navigate
• Expectations for faster, near-frictionless transactions create operations pressures to compress onboarding and conversion rates

There are several essential components that comprise a risk-based sanctions compliance strategy including:

• Up-front screening protocols that deliver a unified and transparent picture of an identity by combining physical and digital intelligence
• Digital identity insights on transaction behavior, device and location information
• Current coverage of worldwide sanctions lists including OFAC, European Union (EU), United Nations (UN) and Her Majesty Treasury (HMT)
• Deeper sanctions intelligence that includes family members and associates of sanctioned entities, branches and operational units of sanctioned banks and entities owned or controlled by sanctioned subjects
• Agility to tailor risk assessments to meet specific thresholds and readily adjust to reflect emerging threats and market changes
• Repeated periodic monitoring of the account across the lifecycle of the relationship

A combination of dynamic, digital identity intelligence with extensive sanctions and enforcements coverage can enable your business to capture the advantages of globalization and the growth of digital commerce while avoiding increased sanctions compliance risks.