PayFlag
PayFlag helps companies comply with the Office of Foreign Asset Ccontrol's (OFAC) regulations regarding payments to Specially Designated Nationals and Blocked Persons.
Supported Technologies
Windows 95/98/ME,
Windows XP/2000/NT
Software
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Pricing
Users (# of seats), Server, System, Module
sales@psipay.com
800 996 6427
Additional Product Information
The US Treasury Department's Office of Foreign Asset Control (OFAC) enforces sanctions policy based on Presidential Declarations of National Emergency. Beginning September 23rd 2002 all financial institutions are responsible for ensuring that payments are not made to persons listed on the master list of Specially Designated Nationals or Blocked Persons.
PayFlag works together with PayPilot to match a company's payee names with those posted on OFAC's master list detecting any potential violations before payments are issued.
Easy to install and implement, PayFlag is an intuitive menu-driven solution that seamlessly integrates with PayPilot, automatically scanning your payments during the payment import process.
Manual payments and historical payment databases are also scanned to ensure compliance. The master list can be regularly updated to keep your information current.
Depending on the program involved, criminal violations of the statutes administered by OFAC can result in corporate and personal fines up to $1 Million and 12 years in jail. PayFlag ensures compliance, giving you peace of mind.