nOFAC Features

nOFAC with its highly-flexible architecture, blazing fast performance, unrivalled connectivity and the most intuitive user friendly GUI is a one-stop solution for streamlining your AML screening process & risk assessment, in real-time.

  • Automated Sanction Screening with an intuitive & customized HIT management workflow
  • Support for both domestic & international payments Auto updated global sanction lists(UN, US, EU, UK, CA, AU and many more)
  • Ability to add & manage private blacklist(s)
  • KYC ‘Know Your Customer’ checks for pre-account opening & auto-scheduled re-checks
  • Ultra sophisticated & best-in-class matching engine with algorithms to detect anagrams, inversion of letters, missing letters, misspellings, abbreviations and phonetic similarities (‘fuzzy’ logic), with flexible filter settings
  • Bi-directional integration with any Core Banking System, in any format over any protocol, including a simple HTTP API for instant integration
  • Use as standalone system with manual search capabilities
  • nOFAC offers the most comprehensive deployment options with the most cost effective pricing model

nOFAC Benefits

  • Ensure compliance with global financial regulations
  • Screen against U.S & international watch lists to ensure you comply with anti-money laundering and anti-terrorism legislation
  • Detect& prevent financial transactions with embargoed individuals, entities and countries
  • Comply with ‘KYC’ rules, and detect would-be criminals before they become your customer
  • Stay up to date with the continually evolving global sanctions list
  • Customizable user-centric workflow that fits around your business process
  • Seamless integration with your existing business process & IT systems
  • Quick ROI, enabling you to focus more on value-added activities and enhancing your bottom line
  • Most cost-effective solution in the market
  • Right Solution at the right price with the right partner

nOFAC Penalties

Major financial institutions have come under scrutiny for failure to comply with sanction laws. Recent enforcements includes:

  • UBS paid $100 MM for breaching US sanctions by sending funds to Cuba, Iran, Libya & Yugoslavia
  • ABN Amro paid $80 MM civil penalty for OFAC violations based on transactions that were originated in Dubai & India
  • Llyods TSB paid an unprecedented penalty of $350 MM. The alarming fact was that Llyods TSB was technically not a US entity and none of its actions took place in the US. However, Llyods actions caused its non-affiliated US correspondent

Deployment Options

Major financial institutions have come under scrutiny for failure to comply with sanction laws. Recent enforcements includes:

Zero foot print Cloud based service (SaaS Platform)
  • All services hosted by nazdaqTechnologies geographically distributed & redundant global datacenters
  • Seamless auto-failover between New York, London & Dhaka
  • Only company to have datacenters located in Dhaka with locally based support & development teams
Full on premise deployment
  • All services deployed on-site with full support provided by nazdaqTechnologies locally, backed by an international support team
  • System Integration : Rapid connectivity between [email protected], nOFAC& any disparate heterogeneous upstream, downstream & peer system(s)
  • Customized Business Workflow : For business processes that require a more complex workflow, we offer an enterprise workflow service tailored to your exact specific requirements
Hybrid Cloud / On-premise deployment
  • Core services reside @ nazdaqTechnologies globally distributed & redundant data-centers
  • Client services reside onsite @ clients premises, either at client head-office or even @ every AD branch
  • Allows for superior performance
  • All communication between client & servers are encrypted with on-the-fly compression for the fastest performance

nOFAC is a comprehensive solution that will meet all your regulatory requirement