Red Flag IQ is a web-based product solution designed specifically for providing
a means to comply with the regulatory requirements administered by the Department
of the Treasury's Office of Foreign Assets Control (OFAC)*
and the Red Flag Requirements (ID Theft Prevention).
Red Flag IQ allows you to identify individuals, companies, and countries you should
not conduct business with. Simply logon to our website and enter the
name and company information and you can decide to either check the information
against the SDN list (OFAC) or the following Red Flag Searches:
- Driver’s License Search
- Address History Verification
- Phone Number Verification
- SSN Validation
The requirements are universal to all industries. Non-compliance can be costly,
but can be avoided by utilizing the right tools.
Red Flag IQ can help all industries such as banks, insurance companies, automobile dealers, and others comply with the OFAC regulations and Red Flag Requirements.
The OFAC and Red Flag Search feature can also be integrated to your existing software.
In addition we offer a solution that continuously
scans your existing database to ensure that you do not have customers that
may have been added to the Specially Designated Nationals (SDN) list or other government
list.
We offer stand-alone solutions and a service bureau environment to fit your individual
needs.
About OFAC*
The Office of Foreign Assets
Control ("OFAC") of the US Department of the Treasury administers and
enforces economic and trade sanctions based on US foreign policy and national security
goals against targeted foreign countries, terrorists, international narcotics traffickers,
and those engaged in activities related to the proliferation of weapons of mass
destruction.
OFAC acts under Presidential wartime and national emergency powers, as well as authority
granted by specific legislation, to impose controls on transactions and freeze foreign
assets under US jurisdiction. Many of the sanctions are based on United Nations
and other international mandates, are multilateral in scope, and involve close cooperation
with allied governments.
Source: U.S. Treasury Department Website