Protect yourself, protect your country
As part of our country’s overall defense program, the US Government applies economic sanctions and embargoes against foreign entities and individuals deemed to be threats to our national security. The US Treasury Department’s Office of Foreign Access Control (OFAC) enforces these sanctions based on the Presidential Declarations of National Emergency. OFAC maintains a master list of Specially Designated Nationals and Blocked Persons that currently contains the names (including variations) of individuals, government entities, companies and merchant vessels from around the world. Stated simply, sending funds to any name on the list is forbidden by law.
The responsibility is yours
Who’s responsible for making sure payments don’t fall into the wrong hands? You are! Executive Order 13224 states that financial institutions are accountable for the illegal transfer of funds to any name on the master list. And the fines and penalties (including jail time) are severe. It’s too dangerous to assume you’re in compliance or to employ a haphazard manual process for spotting suspect payments. With PayFlag™, an add-on module designed to work in concert with PayPilot, you’ll rest assured knowing no funds can be sent to entities blocked by the OFAC. PayFlag automatically compares payee names in your PayPilot system against those posted on the OFAC master list and flags any matches for off-line resolution. The ROI for this module can be almost immediate. Catching just one payment that would otherwise have gotten through more than pays for the added functionality. In sum, PayFlag offers a simple, cost-effective way to greatly reduce your risk and exposure.