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5 Things to Look for When Selecting an OFAC Screening Software

July 18, 2017
Read Time: 0 min

Selecting an OFAC screening software can be difficult.. Here are a few tips!

OFAC regulations and sanctions are constantly changing. When looking at OFAC screening software, it is important to find a solution that can stay up-to-date with the ongoing changes and will keep your organization compliant.

Fines for violating OFAC regulations range from $50,000 to $10 million, and imprisonment can range from 10 to 30 years for willful violations. Civil penalties range from $11,000 to $1 million for each violation. Having the right protection in place is critical for you and your institution! Here are five things that your organization should look for when selecting an OFAC screening software.

  1. Automatic Updates. OFAC lists and watch lists are updated on a regular basis, making maintaining current lists a tedious task. A solution that provides automatic updates to lists will save you time and stress.
  2. Customizable Parameters. Risk tolerance and search level thresholds aren’t one size fits all. Not all of your customers are the same and neither should your risk parameters. By selecting an OFAC screening software that can be tailored to fit your customers’ risk profiles, you will reduce your false hits.
  3. Tailored Scanning Schedule. Finding a system that gives you the ability to choose when your scans run will make your life much easier. Having a set schedule that is compatible with your workday will save you time and increase your productivity.
  4. Flexible Hosting Options. It is important to select a provider that is flexible in meeting your hosting needs. Whether your institution wants to host the solution in-house or on the web, you need the implementation process to be simple. Look for provider that has a support team that is dedicated to serving you and will help drive success for you and your organization.
  5. Robust Reporting Capabilities. Your auditors and examiners may request certain reports to verify your organization’s compliance with OFAC regulations. Running reports can be troublesome and time consuming, especially if you have to do a lot of the work manually. Choosing a solution that maintains a clear audit trail and gives you the ability to quickly run powerful, customized reports will satisfy the requests of your auditors and give them a thorough understanding of your compliance efforts.

As a Compliance Officer, you have a lot to things to worry about. Selecting an OFAC screening software, shouldn’t be one of them. These tips give you a good starting place for things to look for when choosing a provider. It is important to find an OFAC screening software that will give you confidence in your institution’s processes and the knowledge you need to answer questions from your examiner.

IQ Autoscan from Banker’s Toolbox is the most innovative OFAC screening software on the market. The functionality within IQ Autoscan meets and exceeds the list of items OFAC expert, Martha Scott, suggests you look for when selecting an OFAC screening software. Remember, having the right solution in place will help you avoid penalties and protect your organization from a bad exam. To learn more about how IQ AutoScan can work with your organization, visit our product page or schedule a demo.


Martha Scott, CAMS, is a National Risk Specialist for Banker’s Toolbox. Prior to becoming a National Risk Specialist, she was VP – National Sales at Integra Systems Group – Queensborough, Inc. for over 12 years. She has over 13 years of experience in the technology and software compliance industry. She served a variety of clients in multiple industries such as non-profits, financial institutions, insurance, automotive, manufacturing, travel and real estate companies. Before joining Integra, Martha worked for Queensborough National Bank & Trust Company. She earned her BBA in Marketing at The University of Georgia’s Terry College of Business, and became CAMS certified in September 2014, joining a prestigious group of International Anti-Money Laundering Specialists (ACAMS).


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