Download "White paper: Fueling Modern Risk Mitigation" PDF

As technology becomes more sophisticated and influences how organizations conduct business, the need for efficient watch list screening increases exponentially.

For those caught violating the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) List, the financial penalty often reaches into the millions. In fact, OFAC imposed $4.37 billion in fines between 2006 and 2018.

Organizations must realize what’s at stake when they violate watch list sanctions. More importantly, they must understand the most effective and efficient way to mitigate risk.

Download CSI’s new white paper, Fueling Modern Risk Mitigation with APIs: A Quintessential Guide to Watch List Screening,  to learn the essential components of automated watch list screening compliance, including:

  • API Integration: APIs recently emerged as a game changer in watch list screening. They facilitate full integration between otherwise separate systems. With APIs incorporated into the solution, businesses see a unified, cohesive view of their compliance across their entire organization.
  • Streamlined Screening: For the best and most cost-effective watch list screening results, your automated solution should monitor, gather, cleanse and deploy list updates in real time; allow you to screen multiple lists simultaneously via one data integration; screen retroactively; and do it all while ensuring your business transactions flow uninterrupted.
  • Sophisticated Matching: The veracity of individual matches is a vital best practice. A solution that generates too many false positives creates unnecessary, costly work and may lead to missed true matches.
  • Additional Technology, Tools and Services: There are several other functions that are considered crucial for watch list screening, including:
    • a centralized, cloud-based API Gateway
    • audits and reports
    • customization
    • outsourced watch list services

When you automate watch list screening with an API-powered solution, your business can easily and quickly incorporate the best practices described in this paper.