LexisNexis - The new OFAC format and the total cost of sanctions screening
Compliance operations departments screen the names of the targets of the USA Treasury’s Office of Foreign Control (OFAC) sanctions lists against hundreds of billions of transactions and customer records every year. The new OFAC data standard is becoming a major consideration for the continued operational efficiency and effectiveness of sanctions and AML operations in 2016. Regulatory expectations of how banks will implement the new format will require careful planning and testing so that new content and data features can be leveraged across compliance processes. At the same time, banks will need to be prepared to ensure that these changes do not have a negative impact on screening efficiency. How well prepared is our industry to manage the practical consequences of change and how can investments be used to deliver additional value to a compliance programme?