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#15053 - 04/09/02 09:45 PM OFAC Screening of Existing Accounts
Anonymous
Unregistered

A year or so ago it seemed to be common practice to OFAC screen your existing accounts file once a quarter, and then only deposit accounts. With all the events since 9/11, and the constant changes to the OFAC list it seems the old practice of quarterly screening is out of date. I'd just like to know what everyone else is doing now regarding portfolio screening. Are you screening more often? Monthly? Everytime the list changes?

I know this is a highly subjective, risk based topic, but I'd still like to have an idea of what everyone is doing if you don't mind sharing.

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#15054 - 04/09/02 10:00 PM Re: OFAC Screening of Existing Accounts
KK Offline
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KK
Joined: Jan 2002
Posts: 249
Southern California
We screen our CIF files daily using a software.

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#15055 - 04/10/02 01:11 PM Re: OFAC Screening of Existing Accounts
Rubaiyat Offline
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Joined: Jun 2001
Posts: 1,373
Lido Deck
We screen daily for new accounts and before completing a wire transfer or funding a loan, etc. We do a full file review against our customer data base every time the list changes.
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#15056 - 04/10/02 01:31 PM Re: OFAC Screening of Existing Accounts
Anonymous
Unregistered

We are doing a check of existing accounts everytime the OFAC list changes but no less than monthly. Now there could be an exception made as when the list changed one time last month only to delete a couple of names. There is no requirement right now to do a check at the time the account is opened but I think that will probably change before the year is out. There has been many prior threads about this as well and great sample OFAC procedures can be found under Bankers Tools.

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#15057 - 04/10/02 05:06 PM Re: OFAC Screening of Existing Accounts
downstown Offline
Gold Star
Joined: Aug 2001
Posts: 295
St. Louis, MO
We peform a check of our full customer file monthly, plus whenever names are added to the OFAC list. We check new accounts daily and wire transfers prior to completion.

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#15058 - 04/10/02 06:35 PM Re: OFAC Screening of Existing Accounts
Comply 101 Offline
Platinum Poster
Comply 101
Joined: Jul 2001
Posts: 708
Our system automatically checks new names put into the system as well as when Chexsystems is called. We manually check our system when any OFAC updates occur and we will probably run a check on our whole database semi-annually. We just ran a whole database check and came up with many Hispanic name matches. OFAC stated that as long as they had ss numbers and a US address, they were not considered a match.

These are my opinions and not those of my employer.
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#15059 - 04/17/02 12:10 AM Re: OFAC Screening of Existing Accounts
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Okay - show of hands please... how many people have a list of a few hundred or so names that are "near hits" or "false positives?" What are you doing with these?

Does anyone else here have 5 different customers with the name Jose Gonzales?
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