OFAC Screening | Watchdog

TabaPay offers a tool, Watchdog, to comply with sanction screening obligations that you may need to meet depending on your use case.

Both the US and Canada administer and enforce economic and trade sanctions based on foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to each country's national security, foreign policy or economy.

In the US, these lists are administered and maintained by the the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury and enforced across all sectors. For more information you can visit the Treasury's OFAC FAQ site. (Source: U.S. Department of Treasury).

In Canada, the Canadian Parliament imposes sanctions under the United Nations Act (UNA), the Special Economic Measures Act (SEMA) or the Justice for Victims of Corrupt Foreign Officials Act (JVCFOA) and businesses are expected to fulfill screening obligations under under Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. For more information you can visit the Canadian Government's website.

Depending on the country in which you operate, it is prohibited to do business with or facilitate financial transactions to or from individuals, entities, or countries on these lists respectively.

TabaPay provides our customers the ability to screen your consumers against these lists through our Query OFAC API.

Benefits

TabaPay's risk-based account verification processes help our customers onboard and screen consumers with minimal friction. Utilize our various pre-transaction services for risk screening - Office of Foreign Asset Control (OFAC).

How OFAC Works

Using TabaPay's OFAC API allows you to check for OFAC before proceeding with a transaction.

Customers required to use the OFAC API will need to screen recipients per Create Transaction. Every transaction requires a new OFAC key (ofacValue), and whenever a sanctions list is updated, Watchdog will automatically flag any previously cleared individual (first and last name) if they match with a new addition to the list.

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Ask Us about ofacValue

If you are screening for OFAC using TabaPay APIs, ask us before you pass ofacValue in Create Transaction.