Denied Party Screening (often referred to as restricted party screening, sanctioned party screening and watch list screening) is a fundamental element of your company’s compliance with local laws and regulations. In our increasingly globalized economy and heightened security, it’s more important than ever to Know Your Customer (KYC). Without performing screening regularly and documenting it, you could face huge regulatory fines, sanctions, criminal penalties and, at the very least, costly delays in business progress and revenue.
It is the responsibility of every business is to keep records of individuals who are moving goods and information to and from the United States. The impact of sensitive products and knowledge falling into the into the wrong hands could pose immeasurable threats to national security, which is why the U.S. government takes a strong stance on it and enforces punitive consequences for neglecting or intentionally avoiding the process of screening your customers, visitors and business partners against consolidated screening lists.
These lists can be lengthy and they can be maintained by various organizations and government agencies such as the U.S. Departments of State, Commerce, Defense, Justice and Treasury. Screening against the most up to date list from each individual provider can can be a daunting process, even for the most robust of compliance programs. It requires a great amount of time and effort to manually check just one denied party list, never mind the hundreds of different lists that are available from foreign governments and regulatory bodies.
OCR developed the industry leading tools to automate the screening process and due diligence required and imposed by the U.S. Government on businesses and organizations of all sizes and complexities. Our tools can be integrated seamlessly into your existing workflows to smooth the process at every level of your operation. Having been in the industry for more than 35 years, we have pioneered software compliance solutions for Fortune 500 companies that span well beyond restricted party screening.
Working closely with our clients and their feedback, we have created a holistic approach to global trade management that integrates this restricted party screening process all the way through your business process with the help of our web solutions.
Packed with powerful features from customizable denied party lists, advanced search features, secure communications and more, OCR’s Watch List Screening solution is the your answer to safely screen transactions for your business, and the individuals you do business with, every time. automatically.
Download a printable PDF solution brief for a detailed look at the features of this product.
We maintain the most comprehensive global denied party and entity list from government and non-government sources so your screening process has up-to-date accuracy. Our list sources include global trade embargoes and sanctions, OFAC financial sanctions programs, Anti-Money Laundering (AML) checklist, Foreign Corrupt Practices Act (FCPA), Politically Exposed Parties (PEP), Medical and Pharmaceutical Exclusions, Law Enforcement and many more.
Run scans against the entire database or only the most recently changed data. Our fuzzy logic search algorithms support with customizable parameters and attributes so you can fine-tune your screening process for your industry and business needs while not sacrificing accuracy and risk reduction. Compose custom lists for internal compliance based on your specific industry and ethics policies.
Our search logic allows us to show you results of individuals, companies, entities, AKA/DBA, related companies and firms including cross-holding ownership structures that meet OFAC 50%-ownership threshold.
Data provides detailed information about each entity or person including U.S. federal register citations, EU Sanctions regulations, company addresses, locations, privileges, effective sanctions and effective dates.
Comprehensive ad-hoc lookup screening. We offer the ability to find matches against any of the sanctioned lists using web and mobile searches
Inform departments and teams of match status and actions required with detailed result alerts and notifications. Keep your process transparent and individuals accountable with reports from screenings as well as comprehensive, defensible audit trails of users and their actions taken on the system.
Automated Alerts remind core compliance users and managers about follow-up action required, past-due cases, and issue resolutions.
Initiate batch screening with common file formats (Excel, CSV, TXT, and XML) against denied party lists with multiple names and aliases, addresses and/or countries, in order to make your searches thorough without sacrificing extra time and resources.
Create master lists of your customers and vendors for automated screening and re-screening against sanction lists. Save time by screening results against the only newest list changes with automated daily schedules, which trigger email notifications to compliance team members upon discovering a match.
Our comprehensive case management system provides detailed case management recommendations for matches allowing users to mark cases for resolution and filter false-positives. Users can create notes and attach documentation and a comprehensive audit history generated by the system of the actions taken.
Acting in compliance is only acceptable to the extent you can prove it. Trust our extensive set of one-click reports showing all activity taken on the system. Internal reports include case-by-case screening results, transaction history, user actions and specialized reports on any business partner database including customers and vendors, denied parties lists and more.
Our denied party screening platform supports industry-standard secure access protocols and user authentication methods. Securely connect the system to Active Directory using LDAP, SAML 2.0 and Single Sign-On (SSO) tools and rest assured they are protected.
We built our Java application with regard to open standards and custom built seamless real-time integration with Oracle, SAP and other enterprise systems such as ERP, CRM, Supply Chain Management. Our products are mobile ready and specifically our denied party screening ad-hoc screening tool is available in the app store.