5 Steps to Automating OFAC Compliance

OFAC regulations restrict businesses and individuals from conducting any financial transaction with entities on its sanctions list. OFAC compliance can be extremely difficult and time-consuming. Watch this video as the team from ThreatSTOP explains the importance of automating OFAC compliance. Steps Involved with OFAC Compliance OFAC compliance is neither an easy nor intuitive venture. The process requires a great deal of research that must be updated as often as possible. Automating OFAC compliance through a company like ThreatSTOP is the easiest way to ensure you will always have safe and legal transactions. Collecting Threat Intelligence Complying with OFAC starts with collecting threat intelligence. This intelligence comes from a variety of places. This can come from proprietary feeds from vendors, government-enabled feeds, event logs, and private research from universities or other private entities. Checking for Errors There may be errors in the collection of threat intelligence. Sometimes, a CTI system turns off your most important customers. You must enable a list of customers who will not be blocked. Reviewing your intelligence collection must be done from both a human and a machine point-of-view. While some of the filtering and blocking are automatic, it also requires human intervention. Customizing Policies Businesses and individuals should customize their CTI policy. Each business may have different constraints based on its location. Automated OFAC through solutions like ThreatSTOP provides organizations with numerous advantages. Automated compliance ensures your business will remain safe while freeing you up to focus on other parts of your business. Are you interested in learning more? Contact ThreatSTOP today.