OFAC Reporting for Premier

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.

Overview

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.

Features

  • Name line exclusions: Suspect names reported but then cleared can be marked for exclusion from later OFAC Reporting inquiries, eliminating unnecessary information on the Suspect Match Report
  • Audit and log reporting: The OFAC Reporting Log Program tracks all online inquiries, and generates Log Activity reports to help you meet auditing requirements
  • FinCEN search support: OFAC Reporting for Premier automates the process of comparing names from the Financial Crimes Enforcement Network (FinCEN) with information from the Central Information System (CIS) in the Premier core. Suspect Match reports are automatically generated, identifying any possible matches for further investigation
  • Automation: Enterprise server architecture enables automation through the use of process management. The Suspect Match Report can be generated on demand, or included as part of nightly, weekly or monthly workflows

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