The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers and those engaged in activities related to the proliferation of weapons of mass destruction. OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under U.S. jurisdiction.
OFAC agrees that financial institutions should take a risk-based approach when considering the likelihood that they may encounter OFAC issues. OFAC is not itself a bank regulator; its basic requirement is that financial institutions not violate the laws that it administers. The risk matrices for financial institutions are available from the Department of the Treasury website at http://www.treas.gov/offices/enforcement/ofac/regulations/index.shtml.
Through its partnerships with TransUnion, Equifax and Experian, SS&C provides access to OFAC screening on consumer credit reports. In addition, SS&C offers TransUnion's Total ID product, a detailed screening solution for identity verification, OFAC screening and SSN fraudulent activity. Financial institutions can improve identification of suspicious transactions by using these screening tools to run applicant information against the U.S. Treasury Department database.
SS&C's PortPro Mall™ provides access to the OFAC Name Screen as a stand-alone product or as an add-on to other credit reports and compliance products. PortPro Mall gives financial institutions all their valuable credit and application decision-making products in one convenient website (www.portpro.com). Improve your OFAC compliance efforts by contacting SS&C today.