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OFAC Compliance Software

On: May 20, 2020    |    By: David Noah David Noah    |    4 min. read

OFAC Compliance Software | Shipping SolutionsWe are at an unprecedented time with regard to sanctions. In addition to an increasing number of sanctions being issued by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC), there has been a change to the way the Treasury Department is calculating potential fines, which is resulting in larger penalties.

For exporters, this underscores the importance of doing business only with authorized persons and entities—a complicated process that requires more than simply finding a name on a list.

To ensure compliance, exporters would be well-advised to use an OFAC compliance software solution created specifically to sort through the OFAC lists, as well as the dozens of government “bad guy” lists. This is where Shipping Solutions Restricted Party Screening Wizard comes in.

How OFAC Compliance Software Works

OFAC (and other) lists can be updated daily to reflect new sanctions, regulations, court cases, settlements and other events. In addition to the OFAC lists, several other U.S. government agencies maintain one or more denied parties lists, as do individual states, international organizations, and other countries. Successful exporters make screening against these various lists part of their export compliance program.

While U.S. regulations don’t require that a company check these denied party lists, they do make it illegal to do business with the individuals, companies and organizations on the lists. That’s why commonsense dictates that exporters frequently check these lists. We’ve identified best practices for checking each of these lists in our article, OFAC Compliance Best Practices, if you’d like to learn more about this manual process.

However, there’s a better way: the Shipping Solutions Restricted Party Screening tool. This software is the best way to ensure you’re following best practices for OFAC compliance every single time you export.

 
  
 

 

Instead of checking lists individually, our Restricted Party Screening Wizard makes it easy for you to check more than 150 lists at once, right from your computer desktop. And because this information is stored online on our secure web server, you can be sure you are accessing the most current information available.

Fill out this form to see the Restricted Party Screening Wizard in  action—absolutely free!

Benefits of Shipping Solutions Restricted Party Screening Software

Using Shipping Solutions Restricted Party Screening (RPS) software is the best way to ensure you’re following the best practices for OFAC compliance every single time you export. Here’s what you can expect when you utilize the RPS OFAC screening tool.

You’ll complete your export compliance duties faster.

Checking lists manually can take a long time, and there’s no guarantee you’ve checked every list. Rather than checking each of these lists individually, the Restricted Party Screening Wizard makes it easy for you to check all lists at once—right from your computer desktop—with a click of a button.

You’ll have confidence in the accuracy of results.

With Shipping Solutions, you can have confidence in the list-checking process. Our OFAC software information is stored online on our secure web server, so you can be sure the information accessed is the most current. Even the government’s own Consolidated List isn’t as sophisticated, and may not always be updated as quickly.

You’ll have evidence you’ve done your due diligence in case of an audit.

The Restricted Party Screening Wizard provides documentation of all the steps taken in the OFAC screening process—an integral part of your company’s ECP. This documentation provides a paper trail should you ever need evidence in case of an audit.

Of course, the most important part of the export compliance puzzle is you. It is your responsibility to do your due diligence—including screening any potential customers against OFAC sanctioned lists and all restricted parties, and documenting your entire process along the way, in your export compliance program.

Shipping Solutions’ Restricted Party Screening Wizard can help you through this process—and you can try it absolutely free! Sign up now for a free trial subscription to the Restricted Party Screening Wizard.

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David Noah

About the Author: David Noah

David Noah is the founder and president of Shipping Solutions, a software company that develops and sells export documentation and compliance software targeted at U.S. companies that export. David is a frequent speaker on export documentation and compliance issues and has published several articles on the topic.

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