OFAC Reporting for Premier® from Fiserv is an easy-to-use tool that simplifies your organization’s compliance with federally mandated requirements to monitor all financial activity performed within and through U.S. financial institutions.
OFAC Reporting financial activity monitoring software facilitates compliance with policies and procedures currently required by examination agencies, as mandated by the federal government in the USA PATRIOT Act. This solution provides an efficient way to perform a customer name analysis of your complete database, comparing it against the database maintained by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and downloaded from the Internet.
OFAC Reporting for Premier automatically pulls information from Premier, matches account information against the OFAC database of individuals and organizations suspected of illegal activities, and generates a Suspect Match Report for any names requiring further investigation. The name-matching criteria of OFAC Reporting are structured to minimize false matches.
Further supporting your organization’s due diligence process, OFAC Reporting’s browser-based inquiry function enables you to complete inquiries using the OFAC Specially Designated Nationals (SDN) list prior to establishing new accounts or completing wire transfers.
For more information on Premier from Fiserv, call 800-872-7882 or contact us.