Bankers Toolbox OFAC

IQ AutoScan™ is an innovative technology that scans your customer and vendor databases daily and automatically. IQ AutoScan™ scans against OFAC, Politically Exposed Persons (PEP) list, FinCEN, EU/UK/UN sanctions lists and other blacklists/ watch lists, which helps ensure your compliance and defend your organization.

This OFAC scanning software can be a stand-alone server or a web-based product, both of which are easy to use and implement. IQ AutoScan™ is a quick, efficient way for organizations across industries to scan their various databases for OFAC and more.

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How does IQ AutoScan™ work?

IQ AutoScan™ can be either server-based or web-based, and requires no additional IT assistance.

To use the secure OFAC scanning software, you simply:

  • Upload File
  • Select Type of File
  • Scan File and View Report

The powerful, customized reporting within IQ AutoScan™ allows management and auditors to understand your compliance efforts. Plus, it shows your entire audit trail which will help you remain compliant and confident.

What industries are required to run OFAC scans?

IQ AutoScan™ is helpful for any organization, across industries, that is required to conduct OFAC scanning on its customers. These industries include financial institutions, insurance companies, automobile dealers, health care providers, utility companies and so on.

Fines for violating OFAC regulations can range from $50,000 - $10 million, and imprisonment can range from 10-30 years for willful violations. Civil penalties can range from $11,000 - $1 million for each violation. Having the right protection in place is critical!