Complying with OFAC's "50 Percent Rule"

Government compliance requirements—including OFAC's "50 Percent Rule"—prohibit companies from doing business with organizations where ownership by sanctioned parties exceeds defined percentage thresholds. However, comprehensive information surrounding sanctioned party ownership is not provided as part of government published watch lists. Fortunately, there's a highly effective solution to help organizations avoid inadvertently doing business with sanctioned parties.

Enhanced screening processes

Descartes Visual Compliance™ Sanctioned Party Ownership Screening can help organizations prevent potential transactions that would violate sanctioned party ownership regulations. By providing businesses with easy-to-understand information on the percentage of ownership or control by parties on OFAC and EU Sanction Lists, users can quickly identify when a company who is not on a government watch list would be impacted by OFAC's "50 Percent rule," as well as similar rules from other jurisdictions, and should be considered a denied party.

OFAC 50 percent rule screening solution

 

Key benefits for your organization

Enhanced Compliance

Screening for sanctioned ownership directly in Descartes Visual Compliance helps enhance compliance programs, and decrease the risk of potential fines, penalties, and negative news coverage.

Mitigate Risk

By including Descartes Visual Compliance Sanctioned Party Ownership Screening as part of their compliance processes, companies can help mitigate risk by identifying sanctioned parties within the ownership structure of your customers, clients, and business partners.

Confidence in the Data

Descartes Visual Compliance Sanctioned Party Ownership data has been thoroughly vetted by expert analysts located in research centers around the globe, providing confidence that the data is accurate and up to date.

Stay Up to Date

Businesses change hands every day; ownership structures that are in place today might not be the same tomorrow. To keep pace with these fast-paced changes, Descartes Visual Compliance Sanctioned Party Ownership Screening accesses data that is continuously updated by industry experts.

* Descartes Visual Compliance's Sanctioned Party Ownership Screening leverages Sanctions Ownership Research data provided by an industry-leading provider of worldwide news and business information.

Solution Highlights

DETAILED RESULTS

Results are returned directly with pertinent details on percentage of ownership by sanctioned individual or entity, sourced from public information, such as company websites and annual reports, legal records, social media, and other relevant sources of information.

SCREEN THE WAY YOU WANT TO

Descartes Visual Compliance allow you to screen in the way that works best for your organization. Regardless of whether you screen online, in bulk, or through integration with your business system—we can have you up-and-running in as little as a day.

RESULTS APPEAR WITH YOUR RESTRICTED PARTY SCREENING

By adding Sanctioned Party Ownership Screening to your screening processes, potential matches will appear in the same interface as your standard restricted party screening results. There's no need for multiple windows, and you don't need to perform additional searches to get the information you require to maintain compliance.

BUILT-IN RECORDKEEPING AND AUDIT TRAIL

Descartes Visual Compliance provides a full range of audit recording and due diligence that automatically record screening details and allow users to easily demonstrate their compliance activities for Sanctioned Party Ownership Screening.

"A U.S. person may not procure goods, services, or technology from, or engage in transactions with, a blocked person or entity directly or indirectly...regardless of whether such entities appear on OFAC's Specially Designated Nationals and Blocked"

U.S. Department of the Treasury

Why choose Descartes Visual Compliance™?

Incredibly Intuitive and Easy to Implement

You can start using Descartes Visual Compliance–OFAC Screening software right away. Typical deployments are completed in less than a day.

Dedicated Service

Our service team, IT and regulatory compliance specialists have the necessary expertise to help support your compliance processes from day one onward. As well, your dedicated service representative is there to help you every step of the way.

Our Experience With OFAC

Rely on our expertise, developed over 35 years of helping companies navigate the complexities of compliance with government regulations.

Modular Approach

We provide an a la carte menu of compliance solutions, which allows you to focus on your key risk management needs. As your business needs change, Descartes Visual Compliance adapts to support you.

Discover our products

Compliance Manager Workflow

Discover Restricted Party Screening Compliance Manager Workflow

Increase visibility and streamline your organization's OFAC compliance program

Integrated Screening

Discover Integrated Screening

Screen automatically in your business system to help ensure consistent and reliable OFAC compliance.

Dynamic Screening

Discover Dynamic Screening

Automatically rescreen your records against daily changes made to OFAC and other government watch lists.

For more information about OFAC compliance software solutions

To learn more, call toll-free 1-877-328-7866 (Intl: 716-881-2590) and talk to one of our compliance consultants. They'll help you analyze your restricted and denied party screening requirements, evaluate your options, and provide focused software demonstrations.