Does anyone know of an easy-to-use website for performing one-time OFAC searches - a site that is secure and can give me something in writing guaranteeing that they use up-to-date OFAC list for comparison? I would use OFAC's site but you have to type the name LAST, FIRST before the pdf file will give you a proper comparison and if you use the text version, you have to keep hitting "find next" to be sure you looked at all potential matches.

Thanks !

Not that I know of. We used to download the OFAC file from OFAC's site and put it into an Excel document and complete our searches from there. We now use our platform system and a report is generated proving all inquiries.

I think bridger has a free account set up. I think they are in the vendor area. Try that. Not sure if that have the writing guaranteeing part that you are looking for though.

You are not going to get anyone to guarantee anything that they are giving away. Buy a service.

At the CA Bankers Compliance Conference last October, the question was asked (in the Regulator Panel) about using the OFAC website to do searches. The Regulator, I think from FRB SF, made it clear that using the OFAC site was unacceptable.

Using the search/find function in Excel or Acrobat Reader is absolutely literal, letter for letter. Interdiction software uses algorithms for "sounds like" functions as well as variations of names translated from other languages.

She indicated that software was available for "well under $1,000" per year and that a bank unwilling to spend that little was inviting criticism.


Al

Thanks for everyone's input - both positive and negative.

BTW_--I love the information and expertise that is gained from using this site, but can some of you re-read your responses before posting? There are ways to say what you want to say without "sounding" blunt, critical or the way that some of the responses above sound.

Think about it

Bridger Insight as referenced above has a good sight with a free name check. Click on Free OFAC name check. Then on the top right of the page it gives you a login and password box for the free name check, right below that it says "first time?" click on that to set up a username and password.

Try "Instant OFAC" You can do a search there. We use this only if our branches are off line. Thankfully it haapens rarely.

There was a recent post on this subject, and we checked the accuracy of InstantOfac.com and found it lacking.
We have had all staff remove it as a resource.