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CSI White Paper, Expert Available: Understanding OFAC: A Best Practices Compliance Guide for All Businesses
Computer Services, Inc. (OTCQX:CSVI):
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What:
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In an effort to derail illicit activity and terrorism, the Office of
Foreign Assets Control (OFAC) sanctions program has magnified its
efforts to stand guard over the expanding global economy. In doing
so, OFAC penalties and fines have steadily moved beyond the
financial services industry and into additional markets. OFAC now is
aiming increased scrutiny at such specific businesses as purveyors
of technology and electronic payments as well as retailers and
distributors.
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The increasing restrictions and regulations surrounding OFAC
compliance have the potential to run companies of all sizes out of
business-with large citations reaching to seven and eight figures.
This growing scrutiny forces the need for all companies to better screen
transactions against the OFAC Specially Designated Nationals (SDN)
list. The list features specific entities and individuals with
whom all U.S. businesses and citizens are forbidden from doing
business.
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In order to assist organizations in combating OFAC violations, Computer
Services, Inc. (CSI (News - Alert))(OTCQX:CSVI) has published a new white
paper detailing the basics of OFAC compliance and best practices
for all businesses to remain compliant and aware of rapidly
changing regulations.
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Who:
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Ronald Wylie, CSI's data services manager, is available to provide
expert commentary on how organizations can effectively avoid
potential fines for failing to meet required regulations and better
manage OFAC compliance. Wylie also can provide deeper discussion on
the major points detailed within the white paper, including:
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• OFAC's key regulatory penalties;
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• Industries affected by OFAC regulations;
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• OFAC's sanctions programs basic requirements; and
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• Best practices for streamlining OFAC screenings.
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Paper:
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To read the full report, download Understanding
OFAC: A Best Practices Compliance Guide for All Businesses.
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Contact:
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To schedule an interview with CSI or request a byline contribution
on the latest in regulatory compliance for the financial services
industry, contact:
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David Jones, 678.781.7238 or
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Stephen Sprayberry, 678.781.7207.
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About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing, print and
electronic distribution, and regulatory compliance solutions to
financial institutions and corporate customers across the nation.
Exceptional service, dynamic solutions and superior results are the
foundation of CSI's reputation and have resulted in the company's
inclusion in such top industry-wide rankings as the FinTech 100, Talkin'
Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List.
CSI's stock is traded on OTCQX under the symbol CSVI. For more
information about CSI, visit www.csiweb.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160420005174/en/
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