KYC and AML Compliance for Payment Processors and Money Transmitters

The financial services industry, including money transfer services, is highly regulated concerning compliance with global sanctions. Nearly 90% of sanction-related penalties in 2023 targeted the Financial Services industry.

Customer Due Diligence (CDD) and Know-Your-Customer (KYC) guidelines are often complex and may be based on transaction types, such as remittance, peer-to-peer, or E-wallet services. 

OFAC API's watchlist and PEP screening services support the screening of both client onboarding and real-time financial transactions, with a batch screening service to support ongoing client due diligence. 

Cost Effectiveness

OFAC-API.com is a Tier 1 provider of US Treasury OFAC-based screening services.

• Sanctions and PEP screening as low as $.01 per counter-party based on volume
• Compliant with US Treasury 10-21 Compliance Guidelines for money transmitters

Authoritative Sanctions Data and Expertise

Financial institutions are at the forefront of financial crime prevention, and evolving KYC and AML requirements present ongoing challenges. Your clients expect seamless digital experiences.

Our industry-trusted API provides flexible solutions to the most common banking and financial compliance challenges, including:

• Office of Foreign Assets Control (OFAC) Regulations
• European Union 5th Money Laundering Directive and EU External Actions
• BSA/Anti-Money Laundering (AML)
• Financial Crimes Enforcement Network (FinCEN)
• US Department of Commerce – Bureau of Industry and Security (BIS DPL)

See the Datasets page for a complete listing of all sanctions and risk data.