The Office of Foreign Assets Control (OFAC) is an office of the U.S. Treasury responsible for outlining and prosecuting trade sanctions to support national security and protect against targeted individuals and entities, including foreign countries or individuals engaging in organized international crime. As part of enforcing these sanctions, OFAC publishes and maintains the Specially Designated Nationals List (SDN) of individuals, corporations, and other entities with whom commerce is prohibited
Ebix has been a leader in managing compliance data for more than twenty years. In addition to our industry-leading Insurance Risk Compliance Products and Services, Ebix also offers solutions that can help you achieve compliance with OFAC regulations.
Requirements state that business-related disbursements must be verified against the SDN List to prevent transactions with sanctioned parties. Ebix's OFAC solution facilitates the electronic verification of payments to ensure regulatory compliance. Payee information is provided to Ebix in a simple electronic format. Ebix runs payee search of the SDN List and notifies you if payments are made to a prohibited party. Authorized Ebix system users receive a report showing each payee's SDN status to provide visibility on those payees on whom payments should be withheld (black-listed parties).