Case Study: Charming Shoppes achieves significant cost savings and stronger USA PATRIOT Act compliance with Equifax OFAC Alert

Charming Shoppes Reduces Cost of USA PATRIOT Act Compliance with OFAC Alert

Charming Shoppes, a national specialty retailer and direct marketer of women’s apparel with $2.6 billion in 2005 revenue and over 11 million proprietary cardholders, needed a more cost-effective, auditable way to meet Section 326 of the USA PATRIOT Act. An internal audit in 2005 showed the company required ongoing portfolio screening, consistent documentation for regulators, compatibility with existing TSYS file formats, and a lower-cost method for handling manual reviews of flagged accounts.

Equifax implemented OFAC Alert and OFAC Alert Monitor, established batch transfers from TSYS and nightly screening for new or reactivated accounts, and outsourced false-positive reviews to Equifax’s CDC unit so only vetted hits reached Charming Shoppes. The program delivered clear point-of-sale results, reduced processing fees and FTE costs, and produced a more robust compliance program that satisfied internal audit.

Charming Shoppes