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#358943 - 05/12/05 08:57 PM New Bank OFAC software
Anonymous
Unregistered

We are opening a new bank and I would like some opinions about purchasing OFAC software. If we purchased OFAC software would that also include CIP checking or would these be two separate programs. There may not even be CIP softare, I don't know. If we don't purchase the software what is best approach to use when checking names for the OFAC list? Thanks.

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BSA/AML/CIP/OFAC Forum
#358944 - 05/13/05 02:40 PM Re: New Bank OFAC software
thomasj Offline
Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
We use a product called Identification Manager by PBiz, Inc. It is primarily a CIP tool, but they do have a very nice OFAC tool integrated into it as well. It automatically does OFAC when we do CIP. It also has the capability to do batch OFAC searches so you can run your complete customer file, or any file such as accounts payable. What is really neat about it is their OFAC Auto Attendent that reviews all the names that you have done OFAC on each time the OFAC is updated and e-mails you to alert you if a someone you have searched on has been added to the list. They also have a 314a search utility. One of the best features is that it is web based and the records are all stored and are retrievable electronically via the internet - no software maintenance fees.

I know I sound like a commercial for them, but we are very happy with the product. If you send me a private message, I would be happy to give you my contact for more information.
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#358945 - 05/13/05 02:47 PM Re: New Bank OFAC software
AnnRoy Offline
Platinum Poster
AnnRoy
Joined: Jun 2002
Posts: 771
South
I viewed their presentation via webinar and the rep was very nice. The product sounds good and the price appears reasonable. How long has your bank been using this software?
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#358946 - 05/13/05 02:51 PM Re: New Bank OFAC software
Anonymous
Unregistered

Do a Google search on OFAC Checker. It is a browswer based product offered by a provider of fraud detection and AML software. You can do searches, and batch process of your CIF info.

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#358947 - 05/13/05 03:21 PM Re: New Bank OFAC software
thomasj Offline
Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
Quote:

I viewed their presentation via webinar and the rep was very nice. The product sounds good and the price appears reasonable. How long has your bank been using this software?




We have been with them for about a year. We have been really happy with their service and support.
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Knowledge is knowing what to say. Wisdom is knowing when to say it.

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#358948 - 05/13/05 09:21 PM Re: New Bank OFAC software
Anonymous
Unregistered

I'd love to know more about this product and your rep. How do I send a private message. Your email is not listed. thanks.

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#358949 - 05/14/05 01:37 AM Re: New Bank OFAC software
thomasj Offline
Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
You have to be a registered user to send a PM. Registration is painless and takes less than a minute. You do not have to give any personal info to register. Once you have registered, click on my user name and select "send user a private message". You could post your e-mail here, but then everyone would have your e-mail and you would probably have an inbox full of spam
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