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4 Benefits Of OFAC Screening And ID Verification Tools

4 Benefits Of OFAC Screening And ID Verification Tools

The Office of Foreign Assets Control (OFAC) is an agency in the US that specializes in financial intelligence and enforcement. It’s a part of the US Treasury Department and is known for the administration of trade and economic sanctions. They do these things in support of US objectives of foreign policy as well as US National Security.

OFAC screening involves the identification of parties, or people, involved in a transaction through watch lists. These watch lists are maintained by the OFAC. OFAC screening is also referred to as OFAC list screening or scrubbing.

This screening, along with other ID verification tools, has numerous benefits that contribute greatly to a secure and honest lifestyle. Some of these benefits are to be explored below.

Business Protection

OFAC screening and identity verifications allow for the full assessment of a person. This may be very beneficial, particularly to people engaging in business transactions and deals. This screening prevents business engagement with money launders, terrorists of any kind, scammers, or any groups of people who are legally unauthorized to enter the country.

The world is constantly evolving and changing, and more people are using every route they may find to generate money. ID verification and maintaining a good level of OFAC compliance may allow for truthfulness and authenticity for your business. You can also be reassured of the extent of the security surrounding your business.

Numerous people are engaging in fraud and corruption. The screening processes may keep your business authentic and free from such activity. Sometimes people may engage in these unflattering behaviors indirectly and watchlists help you see things more clearly.

Use of APIs

An Application Programming Interface (API) is software that acts as a channel between applications that allows them to communicate with each other. This software is a part of watchlist screening in the process of ID verification. APIs are beneficial in numerous ways. Some of these are listed below:

Easy Navigation

You may find navigating through all the technology attached to application programming interfaces to be seamless. Businesses and other entities have access to all customer activity, all the various transactions that have taken place, all the systems, and any other necessary parts of screening. APIs have software that makes it easy to navigate through these various aspects.

Up-To-Date and Real-Time

API screening allows for watchlists that are up to the minute. It allows for continuous monitoring and updates you on the watchlist in real time. This screening may allow you to monitor and carry out ID verification seamlessly.

If your business or entity has numerous internal databases, this real-time distribution of updates allows all these databases to have access to real-time screening. This may be dependent on who is granted access, but the permeability of APIs may ensure this is carried out well.

Extra Benefits

APIs have other extra benefits that usually aren’t identified at face value. For example, you have the option of having individual or group lookups in real-time, non-hindering transactions, and screening can happen simultaneously. All these may ensure the safety of your business or entity.

Financially Beneficial

ID verification in screening allows for the saving of money. The use of an ID verification system like ID Verify and many others may help you develop a financially viable entity. People with false identities may be attached to things like fraud or being an imposter. Behaviors like these can lead to costly fines for both parties.

This is possible because if someone is accommodative of someone with a false identity they may be seen as an accomplice. Verifying someone’s identity and screening can ensure that nothing associated with you is put at risk, both physically and financially.

Increases Customer Satisfaction

Every business entity or person wants the people they work with or work for to be people that they can trust. ID Verification and screening may help to cement a level of trust with clients, customers, or people. with a lot of things being moved online, trust is valued more.

With the introduction of new verification methods happening as time goes by, some may be more appealing to your particular audience. When you undergo screening, you are contributing to the development of a level of trust, as well as improving your own reputation.

OFAC Screening and ID Verification

Identity verification and screening have been put in place in various systems to prioritize safety and cohesion within different spaces. There are many routes you may take if your business identified fraud or any other crimes within its bounds.

However, screening and ID verification act as preventative measures to avoid such circumstances. You may find the incorporation of these protocols to be a great contribution to the authenticity and value of your business and its ventures.


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by Harvey Carr // Harvey Carr is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.