OFAC Reporting

OFAC Reporting is an easy to use tool that simplifies compliance with federally mandated requirements that monitor financial activity through U.S. financial institutions. Automatically pulling information from Premier, ORM matches account information against the Office of Foreign Assets Control (OFAC) database and generates a Suspect Match Report for any names requiring further investigation.

Further supporting your organization’s due diligence process, the system’s browser-based inquiry enables you to complete inquiries using the OFAC Specially Designated Nationals (SDN) list prior to establishing new accounts or completing wire transfers.

Features

  • Name Line Exclusions
  • Audit & Log Reporting
  • ACH Name & Bill Payment Verification
  • FinCEN Search Support
  • Name Line Exclusions
    Suspect names reported but then cleared can be marked for exclusion from later inquiries, eliminating unnecessary information on the Suspect Match Report.

    Audit & Log Reporting
    The OFAC Reporting Log Program tracks all online inquires, and generates Log Activity reports to help you meet auditing requirements.

    ACH Name & Bill Payment Verification
    Through integration with the Paperless Item Module (PIM), OFAC Reporting extracts both company and individual name information for comparison against the OFAC SDN list. Similarly, integration with Bill Payment Module (BPM) enables your organization to analyze bill payment vendor names using the OFAC SDN list.

    FinCEN Search Support
    Automates the process of comparing names from the Financial Crimes Enforcement Network (FinCEN) with information from Premier Core’s Central Information System (CIS). Suspect Match reports are automatically generated, identifying any possible matches for further investigation.


    For more on OFAC Reporting, contact Fiserv, Inc.
    at 402-421-4207 or partner@fiserv.com.

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