How does Canarie help with OFAC compliance?

Canarie creates workflows for match review procedures, blocked property reporting, and sanctions program documentation.

31 CFR Chapter V

OFAC Compliance Execution for Neobanks

OFAC regulations require financial institutions to screen against sanctions lists and block prohibited transactions. Canarie helps you execute OFAC compliance through automated workflows for screening procedures, match reviews, and reporting. Specifically tailored for the compliance requirements of neobanks.

More for Neobanks

Key Requirements

Sanctions list screening

True match vs. false positive review

Blocked property reporting

Rejected transaction handling

License application procedures

Record retention

Neobanks Compliance Challenges

Meeting sponsor bank compliance requirements

Building compliance credibility

Scaling compliance with user growth

Preparing for potential direct regulation

Managing third-party risk

How Canarie Helps Neobanks

Automated Workflows

Recurring OFAC Compliance Execution tasks are scheduled, assigned, and tracked automatically.

Evidence Capture

Evidence is captured automatically as compliance work is completed.

Audit Trails

Complete audit trails show who did what, when, with immutable records.

Examiner-Ready Export

Export organized evidence packages in formats examiners expect.

Non-Compliance Risks

Civil penalties up to $330,947 per violation

Criminal penalties up to $1M and 20 years imprisonment

Reputational damage

Frequently Asked Questions

Other Regulations for Neobanks

31 CFR Chapter X

BSA/AML Compliance Execution

Execute BSA/AML compliance with automated workflows for customer due diligence, transaction monitoring, and suspicious activity reporting.

12 CFR Part 1026

TILA/Reg Z Compliance Execution

Execute Truth in Lending compliance with workflows for disclosure accuracy, APR calculations, and periodic statement requirements.

12 CFR Part 1002

ECOA/Reg B Compliance Execution

Execute fair lending compliance with workflows for monitoring, exception tracking, and adverse action notice requirements.

Automate OFAC Compliance Execution for Your Neobank

See how neobanks execute compliance with confidence.