Dubai, Dubai -- (ReleaseWire) -- 11/21/2023 --Life in the fast lane of financial compliance is undergoing a transformative shift as Eastnets introduces ChainFeed, a novel blockchain-based solution designed to automate real-time updates of sanction lists. This solution is meticulously crafted to automate real-time updates of sanction lists, propelling financial institutions into an era of swift and continuous sanctions monitoring. The genesis of this pioneering technology is a response to the recent Finding of Violation (FOV) against MidFirst Bank by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), underscoring the imperative of expeditious and unbroken sanctions vigilance.
The FOV levied against MidFirst in 2022 exposed fissures within the bank's sanction screening protocols, notably the sluggish responsiveness to updates and delays in resolving blocked accounts. Diverging from prior enforcement actions culminating in substantial fines, MidFirst Bank evaded financial penalties. OFAC opted instead to leverage this case as a pivotal illustration, underlining the urgency for financial institutions to process sanctions with alacrity.
OFAC has stipulated the expectation for banks and entities under regulatory purview to continually update sanction lists. Thus, stakeholders across the sanction list ecosystem must forge mechanisms that furnish instantaneous, secure, dependable, and precise updates.
Enter Eastnets ChainFeed, an apt rejoinder to the quandaries unearthed in the MidFirst episode, rooted in blockchain technology. It pledges instantaneous and continuous updates to sanction lists, assuring compliance with regulations such as the Weapons of Mass Destruction Proliferators Sanctions Regulations (WMDPSR).
"Eastnets ChainFeed unfurls a smoother and error-free trajectory for updates, alleviating the administrative burden entwined with manual interventions.", said the spokesperson. "Fueled by blockchain prowess, our platform offers real-time sanction list screening, assuaging risks tethered to operational, reputational, financial, and political dimensions.", he added.
In a clarion call for unceasing sanctions scrutiny, the OFAC violation notice underscores a risk-centric approach to sanctions compliance. Eastnets stands as the vanguard, proffering a solution harmonizing with the expectations of financial institutions in navigating the intricate landscape of self-assessed sanctions risk management.
About Eastnets: Eastnets is a leading global provider of compliance and payment solutions for the financial sector. With years of experirnce, Eastnets is trusted by banks and financial institutions across the world, delivering cutting-edge solutions that ensure compliance with financial regulations and facilitate safe and secure financial transactions.
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