As technology becomes more sophisticated and continues to influence the way organizations conduct business, the need for efficient and dependable watch list screening increases exponentially. For companies caught dealing with a blocked entity on the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) List, the financial penalty now often reaches into the millions. In fact, OFAC alone imposed $4.37 billion in fines between 2006 and 2018.
Watch List Screening Gets More Complex
The purpose of OFAC’s SDN List has not changed: to prevent U.S. citizens and companies from engaging in business with potential terrorists, money launderers and any other persons or entities deemed enemies of the United States.
However, since the turn of this century, several factors have vastly increased the complexity of watch list screening:
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