OFAC Compliance Options from Lyons Commercial Data
Lyons Commercial Data can help you implement an OFAC compliance program by providing you with the right tools to screen your customers based on your specific needs. We compile and maintain multiple sanctions lists allowing you to perform one screening search with the results available in real-time.
Lyons OFAC Support Options
You can integrate OFAC screening into your operations using one of two options:
What is Know Your Customer (KYC)?
Section 326 of the Patriot Act deals specifically with the identification of new customers, and made extensive provisions in terms of KYC.
As a result, financial institutions are now accountable for the effectiveness of their initial customer identification and ongoing KYC screening.
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Targets of Economic Sanctions
Payment processors and their clients need to make an effort to ensure they are not doing business with individuals or groups, such as terrorists and narcotics traffickers, who are the target of economic sanctions administered by the Office of Foreign Assets Control (OFAC).
Avoid Fines and Penalties
The fines for violations can be substantial. Depending on the program, criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willful violations. In addition, civil penalties can range from $250,000 or twice the amount of each underlying transaction, to $1,075,000 for each violation.
For details and pricing information please request more information.