Mar 06 2009 14 mins 1
The U.S. Treasury's Office of Foreign Assets Control (OFAC) maintains a list of individuals and organizations that represent security risks to the U.S., and businesses are required to screen their customers and transactions against this list.
But how does one filter correctly and interpret aliases properly to stay in OFAC compliance?
In an exclusive interview, Geff Vitale, AML Education Manager, Metavante Risk and Compliance Solutions, discusses:
OFAC challenges for financial institutions;
The ramifications of being out of compliance;
Strategies and solutions that help financial institutions be compliant.
Vitale manages training of Anti-Money Laundering and Prime Compliance Suite for Risk and Compliance Solutions of Metavante Corporation. He is responsible for leading the development and delivery of training services to help financial institutions meet regulatory requirements for AML training, develop implementation procedures for the Prime Compliance Suite and develop training programs for end users. He has more than 8 years of experience in the financial services industry.
