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Another OFAC Solution
In an earlier newsletter we mentioned some sources that allowed you to check the OFAC (Office of Foreign Assets Control) list against your new account and existing customer list in order to stay in compliance with the OFAC regulation, and to protect your financial institution from doing business with blocked entities.
Add to your sources Thompson Financial, of Skokie, IL. Thompson has several services including FACLine, designed to work with Fedline software. FACS PC is a Windows-based product, which they say "…is an easy-to-use, look-up system that allows you to type in names and words in order to determine if there is a potential OFAC violation that is perfect for low volume or non-automated use." There are also several other OFAC related products available.
For information, call (800) 732-1272.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 5, 5/98
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