Petrochemical industries face significant challenges in implementing effective OFAC matching to ensure compliance with US sanctions laws. These challenges include keeping databases up to date, dealing with large volumes of data, handling multiple aliases, and dealing with language and cultural barriers. Despite these challenges, petrochemical industries must continue to prioritize OFAC matching to avoid severe penalties for violating US sanctions laws.
At this time, the petrochemical industry must ensure that it is not doing business with individuals or entities on the OFAC's list of designated individuals and organisations. OFAC Checker is a Salesforce-native OFAC sanction screening app that automates this process and assists the petrochemical industry with day-to-day operations. Petrochemical industries can use OFAC Checker to quickly and easily determine whether an individual or entity is engaging in anti-OFAC activities. The app provides the most recent OFAC rules, regulations, and notices from all authorised agencies, allowing the petrochemical industry to update its watchlists and prepare for future risks.
Petrochemical industries can conduct an unlimited number of OFAC checks on individuals and entities using any Salesforce standard or custom object. The batch processing feature of the app allows them to screen all profiles and contacts at the same time, as well as view and track reports on a fully customizable dashboard. OFAC Checker also provides continuous profile monitoring and an automated audit trail, which alerts agents when the status of a customer's profile changes. Depending on their business needs, the petrochemical industry can schedule automated OFAC screens daily, weekly, or monthly.
The app saves time and money while removing the possibility of human error. Petrochemical industries can obtain real-time statistics reports in graph and chart form using its advanced reporting metrics. It saves "False Positive" profiles so they don't have to be screened again. This OFAC compliance checking tool is available for a free 30-day trial on the Salesforce AppExchange. Contact info@cloudmaveninc.com or follow Cloud Maven, Inc. on LinkedIn and Twitter to get more information.
