OFAC Regulators Set To Tighten Enforcement, Increase Penalties

Advanced Fraud Solutions released a white paper on OFAC for banks and credit unions to understand new changes in asset control regulations.

Kernersville, NC: Today Advanced Fraud Solutions released a new white paper that helps financial intuitions navigate the regulations and penalties enforced by the Office of Foreign Assets Control. Titled, “Using OFAC Data to Safeguard Against Fraud & Terrorism” the paper leverages AFS’s leading position in the industry to provide guidance on OFAC’s long history, and recent changes.

“As terrorism and organized crime becomes more modular and sophisticated, we are seeing OFAC regulators increase their scrutiny of financial institutions of all sizes,” says AFS President, Lawrence Reaves. “We believe the hefty fines OFAC has become known for will make its way down to smaller banks and credit unions who may unknowingly be in non-compliance with current regulations”.

Advanced Fraud Solutions’ unique position as the premiere fraud prevention software provider for credit unions and banks enabled the company to learn about OFAC’s stiffening audits of financial institutions. In this current political and law enforcement climate regulators will no longer tolerate ignorance on behalf of organizations that are being used as tools for terrorist factions and organized crime.  

The white paper can be requested here. The paper includes:

•    OFAC history, from the Korean War to its present day role in the fight against terrorism
•    The future of OFAC and its expanding review of mid-size financial institutions
•    Details regarding Advanced Fraud Solutions’ powerful OFAC compliance tool

About AFS

Advanced Fraud Solutions delivers loss prevention tools for the front lines of financial institutions, providing same-day batch solution for identification of high-risk transactions that include frontline, remote, ATM, or additional channels. For more information, please visit AdvancedFraudSolutions.com.


Hashim Warren
Advanced Fraud Solutions
(866) 663-4709