WHAT IT IS:
Easily added to Risk Verification Database Basic or Plus, the OFAC Watchlist Add-On Enhancement is a simple and efficient means of comparing the name of any consumer initiating a transaction to the OFAC prohibited list, thereby keeping your business compliance with federal requirements.
WHAT IT DOES:
Simply enter a customer’s first and last name and MicroBilt’s product searches for matches against the Offense of Foreign Assets Control (OFAC) watchlist. When a match is found, a warning message is sent along with the name of the OFAC list to which the name was matched.
WHAT IT IS USED FOR:
All money service providers (MSP) in the US are required to check the OFAC list before conducting a financial transaction. When a match is found businesses must perform additional due diligence to confirm the match. Once confirmed, the business is obligated block or reject the transaction while reporting the information to OFAC.
At a minimum, all Money Service Providers should be checking the OFAC list to detect prohibited individuals or countries including:
- Financial Institutions
- Insurance Companies
- Check Cashiers and Money order providers
- ACH and Remote Deposit Capture Processors
- Alternative Lenders and Rent to Own Companies
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