Anti-money Laundering Regulatory authorities have been bearing down on financial institutions to ensure that they are not unwittingly hiding or moving criminal or terrorist funds. Financial Institutions are already required to comply with regulations from several authorities worldwide.

“ACE’s watchlist filtering solution, OFAC Guard, is feature-rich and has the ability to process large volumes of payments and transactions to meet strict OFAC demands. Reasons given by client references for choosing the solution include the solution’s competitive price. Customers are very comfortable that OFAC Guard meets their compliance needs, and they laud ACE’s can-do attitude which contributes to its high customer service rating.

To offer ways and means to support these requirements, ACE has developed OFAC Guard™ and AML Guard™ that utilize state-of-the-art technology to enable organizations to meet these exacting requirements.

It is a specialized module for compliance with the OFAC Blacklist and other official blacklists like OFSI, FATF, EU and any other country specific blacklist. There are severe penalties for non-compliance. It is able to intelligently search for SDNs (Specially Designated Nationals) through your payment transactions and flag them before you process their transactions thus avoiding Government penalties and confiscation of funds. The latest version of OFAC Guard ensures compliance with FATF SR VII and NACHA International ACH Transactions (IAT) rules.

This module intelligently captures suspicious patterns in customer behavior that may be part of an illegal activity. It allows an organization to continually track transactions so as to be able to immediately stop an illegal transaction that can later prompt regulatory authorities to impose fines and penalties.