INSURANCE

OFAC and PATRIOT Act Compliance

OFAC and PATRIOT Act Compliance

Business Challenges
The U.S. Office of Foreign Asset Control has existed for decades, but recently, more stringent regulations-as set forth in the USA PATRIOT Act-pose new challenges to financial services firms. Firms are now faced with the difficult task of complying with new government regulations in a timely and cost-effective manner.

In a March 2002 Research Note, Gartner noted that the most recent set of regulations effectively turns employees of a financial services firm into law enforcement officers. Essentially, firms must now compare customer information to the OFAC Specifically Designated Nationals (SDN) lists of suspected terrorist names, aliases, and addresses. The challenge, of course, is to correctly identify individuals on the SDN lists while minimizing the number of false positives.

CGI’s OFAC/USA Patriot Act offerings for the insurance industry
CGI is at the forefront of homeland security solutions, and the USA PATRIOT Act is no exception. We can customize a solution for your firm including an OFAC query/detection service, an OFAC review user interface, and OFAC Federal reporting tools. We also have the know-how to integrate these services with your firm’s existing processes.

Our OFAC/USA PATRIOT Act solutions deliver results. CGI’s broad industry expertise and experience, combined with the latest technologies, allows us to develop strategies and solutions that insurers need to be confident that they are complying with new federal regulations in a cost-effective and timely manner.