The Office of Foreign Assets Control (OFAC) administers a series of laws that impose economic sanctions against hostile targets to further U.S. foreign policy and national security objectives.
- Can you really know who you are doing business with?
- Is the Red Flag search all you need before signing a contract?
Negative News is a new integrated search powered by NominoData. Negative News looks deeper than many searches. It provides investors the confidence and information needed to move forward in a diligent manner.
Read how Amanda Tucker has taken advantage of Negative News at Old Dominion National Bank.
Amanda Tucker, CRCM, CAMS
Executive VP | Chief Risk Officer
Old Dominion utilizes the negative news function to support commercial growth in new and existing markets, and in facilitating investor due diligence in onboarding new shareholders.
- In renewing lines of credit for commercial clients.
- Establishing ACH or Remote Deposit Capture thresholds for existing loan clients
- Negative news is utilized to complete due diligence in assessing new credit risks for existing customer to ensure there is no activity of which the bank is unaware that may negatively impact our credit risk.
- In courting new commercial clients not known to bank management
- In embarking on commercial deals with new entities
- Negative news has been most impactful in this area as the bank deploys its brand in new markets and is often courting clients in communities we may not be as familiar with. The scans ensure we get to know our clients and identify any red flags at the outset.
Investor Due Diligence:
- Completing preliminary due diligence on entities and their principals prior to onboarding funds.
- The Bank does have an international presence and has utilized negative news in vetting international shareholders as a preliminary due diligence measure prior to onboarding capital investments.
If you are interested in learning more about Negative News or would like to see a demo, contact us today. Or, call 1866.632.2471.