Benefits of Government Watch List Search

Compliance with Federal Laws.

• The Patriot Act
• The Money Laundering Control Act
• Executive Order 13224
• OFAC List Checking as a routine part of your Compliance Program.

Managing the technicalities of government watch list searches can be complicated. Venchek can help.  Venchek’s verification system also incorporates compliance with Government Watch List statutes, including:

1.  The Patriot Act – dealing with anti-money laundering through the Money Laundering Control Act of 1986, and the Bank Secrecy Act of 1970.

Violation of the Money Laundering Control Act might expose anyone found in violation to a fine of $500,000 or two times the value of the property involved, and will subject those found to violate the Act to incarceration for 20 years if the money or property did come from certain types of illegal activity.

2. Executive Order 13224 & the OFAC SDN List.

These laws prohibit all U.S. individuals and businesses from engaging in any form of financial transaction with persons or entities designated as terrorists or their associates.  Venchek verifies your proposed vendor’s status to be in compliance with these laws.

3. Currency and Foreign Transactions Reporting Act (“The Bank Secrecy Act”):

Venchek verification includes inquiries for known outstanding violations of the Bank Secrecy Act.

These laws impose responsibility for monitoring their current interactions with investors, joint ventures, trading partners, vendors and customers.  Venchek will verify that a vendor is not on the list of the Office of Foreign Assets Control (“OFAC”), which designates nationals that it is illegal to do business with.

Federal law prohibits any direct or indirect business, transaction, service or credit to or with anyone on the SDN List.  Non-compliance is punishable by law.  Venchek will help you avoid any violation of these important acts.