Watch List OFAC PEP The Ocean System’s OFAC / EDD Server helps banks and financial institutions with their BSA and AML compliance monitoring processes by scanning its customers and transactions against lists of blocked entities such as OFAC and lists containing Politically Exposed Persons (PEP). The OFAC / EDD Server is continuously updated with Proprietary PEP lists, as well as published from the US Office of Assets Control (OFAC) and lists from other jurisdictions such as the Bank of England (BOE). Banks may also include their own private and supplemental lists as part of the verification to process. Published lists available are: SDN - US Treasury Office of Foreign Assets Control (OFAC) SDN List FSE - US Treasury FSE Foreign Sanctions Evaders List PLC - US Treasury PLC List BIS - Denied Persons List from the Bureau of Industry and Security BOE - Bank of England List COUNTRY - Blocked Countries List INVESTMENT_BAN - HM Treasury Investment Ban List OSFIE - Government of Canada - Entities Cumulative Warning List OSFII - Government of Canada - Individuals Cumulative Warning List PMDTC - Defense Trade Controls - List of Debarred Parties The search engine is designed to reduce exposure while at the same time minimize false positives. Configuration options include Extended Search Options, Aliases, Proximity settings, Watch Words, and thresholds to consider only those matches with scores above a specific percentage. Searches use fuzzy logic to match on words that are misspelled or similar to those in the list of Blocked Entities. Its Search History functionality is specifically designed to comply with FinCEN 314a requests, and subpoenas by scanning the client database and transaction history. Wires & SWIFT – Incoming and outgoing wire transfers are monitored against blocked entities contained in published lists, including OFAC, BOE and other supplemental private lists. ACH & FinCEN – Files originating from ACH or messages received from the Fed are scanned and protected against blocked entities contained in published lists such as OFAC and BOE.
Supplemental private lists are included as well. 314 Requests from FinCEN are processed immediately. FinCEN lists are scanned and contrasted against customer information and transaction history. Customer Information – OFAC / EDD Server accommodates Enhanced Due Diligence on customer accounts and all related parties such as Signatories, Beneficiaries and Power of Attorneys. Customer information is continuously cross examined against PEP databases and blocked lists. Letters of Credit – Information on significant parties in a Letter of Credit are examined against the lists from Department of Commerce, OFAC, BIS, and private databases. Other Bank Applications – Other bank applications such as an account on-boarding platform, may interact with the OFAC / EDD Server to perform a sanctions review of their data for OFAC screening and other lists. This can be performed in real-time through a messaging interface between applications. The OFAC / EDD Server can be specified to process data by using files or online messages over MQ Series. These include FedWire, SWIFT and ACH transactions in their original format.
Company Bio Ocean Systems provides specialized, comprehensive and innovative software solutions to assist in preventing fraudulent behavior. Ocean Systems has grown to be leaders in software compliance monitoring since 1991. Ocean Systems shares a common goal of connecting experience, creativity and technology to provide banking and financial solutions in compliance to corresponding sections of the US PATRIOT Act. Visit them today to learn more.
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