Software as a service (SaaS) solutions provider Descartes Systems Group announced that it has integrated research company Kharon’s sanctions ownership data with its denied party screening solutions to help organizations ensure they are not conducting business with entities that are majority-owned by individuals or companies under the Department of the Treasury’s Office of Foreign Assets Control (OFAC) regulations.
Also known as the 50 Percent Rule, the requirement is aimed at reducing the risk of sanctions evasion, terrorist financing, money laundering, and other illicit finance threats by prohibiting or restricting transactions with entities that are owned 50 percent or more by a single prohibited person or by a combination of prohibited persons equal to 50 percent or more—regardless of whether such entities appear on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List), Sectoral Sanctions Identifications List (SSI List), or the annex to an executive order.
Descartes’ solutions already provide companies with the ability to screen against a comprehensive database of people, organizations, and countries on official lists maintained by government agencies and international organizations regulating global trade. Now, with broadened solution capabilities, companies can enhance screening of entities owned by individuals or companies whose property and interest in property are blocked.
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