The U.S. Treasury's Office of Foreign Assets Control (OFAC) administers a series of laws involving transactions between U.S. and certain foreign Banks.
The TurboSWIFT OFAC feature, in conjunction with the Bridger Systems Watch List products, assists in the compliance of these laws.
The challenge facing the financial industry is to implement measures that prevent illegal behaviour without penalising the efficient processing of legitimate financial transactions.
The OFAC feature in TurboSWIFT is fully committed to doing its part to address this challenge and remains committed to its policy of cooperation to fight illegal activities within the scope of its activity.
TurboSWIFT with Bridger Solution
- Plugs in to TurboSWIFT
- Used by over 4,000 institutions across multiple industries
- Checks all required Watch Lists (eg., OFAC, BIS, Bank of England, Canadian Consolidated Lists, Non-cooperative countries, UN Consolidated list)
- Simplifies processes and maximize human resources, while reducing workload
- Protects companies reputation and mitigates risk
- Reduces operating costs