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Payment Screening: What Is It, How It Works and Its Importance

Seon

List Checking : Comparing information against core sanctions lists, such as the Office of Foreign Assets Control (OFAC) Consolidated List, OFAC’s Specially Designated Nationals (SDN) List, the European Union’s Consolidated List of Sanctions, the United Nations Security Council’s Consolidated List, and other local regulatory watchlists.

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Know Your Customer as Well as They Know You

Trade Credit & Liquidity Management

The US Financial Crimes Enforcement Network (FinCEN) has strict rules for compliance by financial institutions. The Office of Foreign Assets Control (OFAC) and DOJ Anti-Money Laundering (AML) also provide KYC compliance guidelines of which you should be aware. Routinely reference OFAC country, company, and individual embargo listings.