What is Compliance in the Matchbook AI Portal? #
Compliance allows users to screen business entities and individuals against known watchlists. This is helpful to see if the business entity or individual shows up on any watchlists or has OFAC violations.
What is OFAC and what does it do? #
The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.
OFAC’s 50 Percent Rule (OFAC50) states that the property and interests in property of entities directly or indirectly owned 50 percent or more in the aggregate by one or more blocked persons are considered blocked.
Matchbook Compliance Module #
The Compliance module is divided into two separate sections:
- Compliance List
- Compliance List
The Compliance List is a Compliance Dashboard displaying the count of the records divided into the following groups:
- Screened Count: Displays the total number of records that have been screened
- Unscreened Count: Displays the total number of records that are not screened
- OFAC Flag Count: Displays the total number of records that are screened and fall under any OFAC Flag
- OFAC50 (Validation Count): Displays the total number of records that are screened and fall under the OFAC50 rule
- OFAC Flag (Missing Ownership Count): Displays the total number of counts which are screened and there are not enough evidence or ownership records available to fall under either OFAC or OFAC50
Below the displayed counts and map, all the screened entities are listed with their Beneficiary Owners and Enrichment Details, as shown in the below screenshot. Each record can be expanded and will display the Beneficial Owners if they are an Individual or a Business Entity with their screening results:
Any records marked as Yellow, Red, Double Red, or Triple Red, will have screening details available by clicking on them from the Compliance list:
Screening Details will contain Name, Address, Category, List, Type, Date, Alert Type, and Notes. Clicking on a blue (i) icon in the List column displays all the Watchlist Groups and Watchlist Names by which a particular entity has been screened negatively. The Notes displays the reasons for which the entity has fallen under that Watchlist or Watchlist group.
From the Compliance Screening Details page, users can also see if any records have been Auto Adjudicated while screening by toggling on the Include Adjudicated Records option.
Users can manually adjudicate records by selecting one of multiple record checkbox(es) and clicking the Adjudicate button:
Users also have the option to Add, Edit, or Delete evidence which can be helpful to add proofs for organizations with any legal documents.
The accepted file types for evidence are .PDF or image files:
From the Screening Details, users also have the option to download the details of the records into an Excel file:
NOTES: Definition and more on Adjudication in the second portion of this article.
To Screen a record, select the checkbox to the right of the desired record, click on the Additional Actions dropdown, and select Screen Ownership List:
Alternatively, users can right-click directly on any given record and select Screen Record:
Watchlists can be set through Compliance Settings. To add any specific record to an existing Watchlist, right-click on the desired records, choose Assign to List, and select any specific Watchlist.
Users can add new records directly to the Compliance List by selecting Import Compliance Data from the Additional Actions dropdown. Acceptable file types are Excel, CSV, TSV, or Custom Delimiter:
This import process is similar to the Import Data process aside from having an additional field for Beneficiary Type which can be either Business Entity or Individual:
Users can also add child records to any pre-existing records with a similar import process, by right-clicking on the existing record and selecting Import Child Records:
There are two ways to delete any records:
- Delete multiple records by selecting the checkbox available beside them and choosing Delete from the Additional Actions‘ dropdown:
- The second way is to delete a record by right-clicking and selecting Delete Record:
Users can search for new companies and add them for screening from the “Search”.
To find a new company, click on the Find New Company button from the Compliance List page:
Users can enter details in one or multiple fields, and click Search to display a list of companies. Right-clicking on any company and choosing Add to Compliance Screening to screen the record:
Users can check for the Enrichment Details (first red box below) and Beneficiary Details (second red box below) by selecting their respective icon from any existing records:
Enrichment Details of a record include information for Base, Company Classification, Registration Number, Senior Management, and Stock Details:
Beneficiary Details displays the Beneficial Owners and D&B Company Details:
The second section of the Compliance module displays the records that are adjudicated, whether by auto-adjudication or manually by users.
What is Adjudication?
Adjudication is the process by which screened records are moved from Compliance Records and displayed under Adjudication if they returned an alert type other than green, and/or they have a Business Entity, Individual Name, or Match Type different than that of their parent Compliance record.
The Adjudication List displays all the adjudicated records for Business Entities or Individuals with their Screening Details and Parent Details.
Similar to the Compliance List section, clicking the blue (i) icon under Screening Details beside any record will display a popup menu with all the Screening Details for those records:
Clicking on the (i) icon under Parent Details will display a popup that shows the parent record for that adjudicated record: