Category Archives: Compliance

  1. May 2023

    08

    OFAC Verifications: Protect Your Business

    Lyons Commercial Data

    Comments Off on OFAC Verifications: Protect Your Business

     

    OFAC screening service

    Sanction compliance is essential for any business that deals with currency or financial transactions. One of the most important regulations is the Office of Foreign Assets Control (OFAC), which govern financial transactions involving individuals and organizations from countries that are subject to sanctions and embargoes.

    To help businesses stay compliant with OFAC regulations, Lyons Commercial Data offers PatriotAgent, a sanctions list compliance tool, that enables businesses to verify individuals and organizations quickly and easily against the United States and other international organizations sanctions and embargo lists.

    Here’s a closer look at what Lyons Commercial Data’s OFAC service is, and how it can benefit businesses of all sizes.

     

    What is Lyons Commercial Data’s OFAC Service?

    Lyons Commercial Data’s OFAC service is a cloud-based platform that enables businesses to verify individuals and organizations against OFAC’s and other international organizations’ sanctions and embargo lists. The service is designed to be fast, accurate, and easy to use, and can be integrated into existing workflows and systems with minimal disruption.

    To use the service, businesses simply provide Lyons Commercial Data with the necessary information on the individuals or organizations they need to verify. Lyons Commercial Data then checks this information against OFAC’s sanctions and embargo lists, providing businesses with a simple “pass” or “fail” result. This allows businesses to identify any potential compliance issues and take appropriate action quickly and easily.

     

    Benefits of Lyons Commercial Data’s OFAC Service

    There are several benefits to using Lyons Commercial Data’s OFAC service, including:

    1. Improved Compliance: By using Lyons Commercial Data’s OFAC service, businesses can ensure that they are fully compliant with OFAC regulations. This can help to avoid potential fines, legal issues, and reputational damage.
    2. Enhanced Efficiency: Lyons Commercial Data’s OFAC service is fast and efficient, enabling businesses to quickly verify individuals and organizations against OFAC’s sanctions and embargo lists. This can help to speed up transactions and improve overall business efficiency.
    3. Seamless Integration: Lyons Commercial Data’s OFAC service is designed to be easy to integrate into existing workflows and systems. This means that businesses can start using the service with minimal disruption to their operations.
    4. Support: Lyons Commercial Data offers excellent customer support for its OFAC service, ensuring that businesses can get help whenever they need it.

    In today’s fast-paced and highly regulated financial environment, staying compliant with OFAC regulations is essential. By using Lyons Commercial Data’s OFAC service, businesses can ensure that they are fully compliant with these regulations, while also improving efficiency and reducing risk. If you’re looking for a fast, accurate, and easy-to-use OFAC service, Lyons Commercial Data is an excellent choice.

    By:

    Alex Buffington

    Director of Sales – Lyons Commercial Data

    > Continue Reading
  2. Jul 2020

    08

    U.S. War on COVID-19 Fraud

    Lyons Commercial Data

    Comments Off on U.S. War on COVID-19 Fraud

    coronavirus fraud preventionCOVID-19 (Coronavirus) fraud has been a growing concern to both government and business. New fraud tactics have targeted unemployment and COVID-19 economic relief funds. Find out the challenges of the U.S. War on COVID-19 fraud and how organizations can protect themselves.
    (more…)

    > Continue Reading
  3. May 2020

    20

    NACHA Upcoming Changes for Online ACH Transactions

    Lyons Commercial Data

    Comments Off on NACHA Upcoming Changes for Online ACH Transactions

    nacha account validationIn early 2021, NACHA will be changing compliance standards for routing number and account verification used for internet payments (WEB debits). The current iteration of the WEB Debit Account Validation Rule (Article Two, Subsection 2.5.17.4) states that originators of WEB debit entries must use a “commercially reasonable fraudulent transaction detection system” to screen for fraud. Beginning March 19, 2021, the wording of the rule will update to require “account validation” to be part of fraud screening systems.
    (more…)

    > Continue Reading
  4. Dec 2019

    10

    Red Flags Rule Compliance Part 2: Framework for a Compliant Program

    Lyons Commercial Data

    Comments Off on Red Flags Rule Compliance Part 2: Framework for a Compliant Program

    In an earlier blog post, we covered the basics of the FTC’s Red Flags Rule – which requires certain types of businesses and financial organizations create an Identity Theft Prevention Program designed to detect the “red flags” (i.e. signs indicative of potential identity theft activity) unique to their day-to-day operations.

    Since every business deals with different types of red flags and levels of risk, the FTC does not endorse or enforce any kind of one-size-fits-all compliance program. They have, however, provided guidelines describing the 4 core elements of ID theft prevention programs – which we’ll walk through in this blog post. (more…)

    > Continue Reading

CALL US: 1-800-684-0388