What is OFAC SDN search?

What is OFAC SDN search?

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. Collectively, such individuals and companies are called “Specially Designated Nationals” or “SDNs.”

What is OFAC fuzzy logic?

OFAC’s Sanctions List Search tool employs fuzzy logic on its name search field to look for potential matches on the Specially Designated Nationals (SDN) List and on its Non-SDN Consolidated Sanctions List.

How do you run an OFAC check?

You can look up a person’s or company’s name in an OFAC search on the U.S. Treasury’s website. All documents are public and easy to access. They are updated when necessary and there are records of post information. There will be a check on the person’s or company’s name against the Specially Designated National list.

What is an OFAC score?

The score field indicates the similarity between the name entered and resulting matches on one of OFAC’s sanctions lists. It is calculated using two matching logic algorithms: one based upon phonetics, and a second based upon the similarity of the characters in the two strings.

How many names are on the SDN list?

Almost every country is represented on the list, but China has 250 persons listed.

What does OFAC stand for in banking?

Office of Foreign Assets Control
The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities …

What is fuzzy logic in screening?

Many due diligence screening tools rely on “fuzzy logic” (also known as “fuzzy matching”), a type of multiple-valued logic that only accounts for partial truth values. Systems that use fuzzy logic can reduce false positives by capturing variations in data inputs.

What information is needed for an OFAC check?

Address history, if present, only includes city and country. So automated OFAC checks are name-only, and making a positive identification can be difficult if not impossible. From an employer’s perspective, a more significant problem is that the list consists of a very large number of common Arabic names.

Is OFAC a credit check?

It is merely a reminder to the person checking your credit that he or she should verify whether you are the individual on one of OFAC’s sanctions lists by comparing your information to the OFAC information.