Complying with OFAC’s “50% Rule”
Government compliance requirements—including OFAC’s “50 percent Rule”—prohibit companies from doing business with organizations where ownership by sanctioned parties exceeds defined percentage thresholds. However, comprehensive information surrounding sanctioned party ownership is not provided as part of government published watch lists.
Fortunately, there’s a highly effective solution to help organizations avoid inadvertently doing business with sanctioned parties.
Enhanced screening processes
Descartes Visual Compliance™ Sanctioned Party Ownership Screening can help organizations reduce the risk of violations.
By providing businesses with easy-to-understand information on the percentage of ownership, or control, by denied parties, users can quickly identify when a company that is not on a government watch list would be impacted by OFAC’s “50 Percent rule,” as well as similar rules from other jurisdictions, such as EU Sanctions List.
How we can benefit you
The most reliable way of complying with OFAC’s “50 Percent Rule”
- Enhanced Compliance
Screening for sanctioned ownership directly in Descartes Visual Compliance helps enhance compliance programs via expanded coverage.
- Mitigate RiskMitigate risk by identifying sanctioned parties within the ownership structure of your customers, clients, and business partners.
- Confidence in the DataDescartes Visual Compliance Sanctioned Party Ownership data has been thoroughly vetted by expert analysts providing accurate and up-to-date data.
- Stay Up to DateKeep track of ownership structure changes, and access data that is constantly updated by industry experts.
Solving compliance challenges
Providing companies with up-to-date information to mitigate potential risks
The initial feedback from the employees was, ‘this is awesome. This is a huge improvement, we love it.’ … Descartes Visual Compliance™ has managed to save us nearly 28,000 man-hours per year, and reduce our compliance risk exposure.
Due to the rising importance of compliance in our sector, we needed an automated screening solution that is efficient and highly reliable. Implementing the Descartes solution has resulted in a more systematic and efficient screening practice, which has significantly reduced costs and risks for the company and its clients.
Embedding Descartes Visual Compliance into our internally-developed systems and leveraging its automated screening capability has helped us to keep pace with the growing number of contracts that we manage. The technology increases capacity in the compliance team to focus on more strategic activities, such as training and internal stakeholder engagement.
You can’t grow your business if you keep doing manual screening. Descartes Visual Compliance was very easy to integrate into our existing ERP and sales platform. Now we have an automated way to check every order as it comes in. There’s no manual screening and we only have to go in to check when there is a flag.
By automating screening of our trade partner database against denied party lists and determining appropriate export license requirements, Argosy has realized a 75% productivity gain in our compliance practice. Descartes Visual Compliance has allowed us to focus more resources on international growth, better mitigate risk and ensure we achieve 100% trade compliance rates.
Directly returned results with pertinent details on ownership percentage by sanctioned individuals or entities
- Reveal true ownership
- Check clients, customers, and third parties
- Demonstrate additional due diligence
- Easily check percentages of ownership
Screen the way you want
Screening options that fit your organization’s processes
- Online screening
- Bulk or batch screening
- Integrated screening
- Quick and easy implementation
Results appear with your denied party screening
Potential matches will appear in the same interface as your standard restricted party screening results
- Single interface
- Familiar results screen
- Expanded compliance
Built-in record keeping and audit trail
Benefit from a full range of audit recording and due diligence that automatically records screening details
- Automatically record screening details
- Easily demonstrate compliance due diligence
- Single source of truth
Streamline your compliance journey
Denied Party Screening
Comply with international trade regulations and avoid dealing with unauthorized parties.
Facilitate fast and accurate export classification decisions.
Streamline your export documentation, compliance, and licensing processes.