Our core processor recently added an OFAC checking capability to the system. It allows us to download the current SDN and then match the core processor database (loans, deposits, safe deposit boxes and customer information files) against the SDN. It identifies possible matches based on a phonetic comparison. It then gives us the ability to 'exempt' that customer/account from further matching (i.e., it won't appear on the match list any longer). As I understand it, when a new SDN is downloaded, those 'exempt' customers won't be matched any longer, as presumably we know who they are.
However, I am concerned that there is a small chance (very small considering our customer base) that an existing customer could get added to the SDN in the future and we may not catch it.
Are other OFAC-checking mechanisms working this same way? If not, how do they manage the comparison?
You can alwys PM me as well.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius