The success of these sanctions depends on the participation of every financial institution. Bank regulatory agencies cooperate in ensuring that financial institutions comply with these sanctions. The Application consists of a suite of programs that function as a stand-alone system or may be integrated with other payment, messaging and accounting systems.
Software resides on the server and is transparent to the user.
Transactions are automatically checked during the input process. Potential OFAC violations are displayed during the verification. If a match is found, all available SDN information is displayed on the screen and entered in the log creating an audit trail. Optional File Checker - A file checker is available with the PC system. Optional Import Feature - Your OFAC list will be automatically updated through email if you are on software maintenance.