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#696728 - 03/05/07 08:51 PM OFAC checkers?
ComplyOhMy Offline
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Lexington, Kentucky
Do any of you know of any OFAC checkers out there?

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BSA/AML/CIP/OFAC Forum
#696745 - 03/05/07 09:05 PM Re: OFAC checkers? ComplyOhMy
Hrothgar Geiger Offline
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I prefer Sanctions Chess, myself.

Seriously, though, there are tons of them out, in pretty much every price and feature range.

I shudder to think of the conditions under which a financial institution would, in 2007, be wondering where they could find OFAC checking services.

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#696749 - 03/05/07 09:07 PM Re: OFAC checkers? Hrothgar Geiger
ComplyOhMy Offline
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I'm not quite sure I understand the last part of your reply but thanks.

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#696761 - 03/05/07 09:18 PM Re: OFAC checkers? ComplyOhMy
Hrothgar Geiger Offline
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OFAC checking has been a necessary part of banking since November of 2001. 2007 seems a little late to the party.

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#696797 - 03/05/07 09:35 PM Re: OFAC checkers? ComplyOhMy
BeachGirl Offline
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Just to name a couple: Bridger/Choice Point and
Chex Systems do OFAC.
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#696827 - 03/05/07 09:47 PM Re: OFAC checkers? BeachGirl
ComplyOhMy Offline
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Thank you BeachGirl.

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#696831 - 03/05/07 09:48 PM Re: OFAC checkers? ComplyOhMy
ComplyOhMy Offline
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AML-Barbarian, your sarcasm was completely unnecessary. You have no idea the reasoning for my request. You might want to remember that next time you post a reply.

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#696959 - 03/06/07 12:33 AM Re: OFAC checkers? ComplyOhMy
Hrothgar Geiger Offline
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Yes, I might.

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#698081 - 03/07/07 07:11 PM Re: OFAC checkers? Hrothgar Geiger
Retread Offline
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That's okay ComplyOhMy. If AML-Barbarian thinks checking for OFAC just started in 2001, he/she has more problems than you do.

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#698088 - 03/07/07 07:15 PM Re: OFAC checkers? Hrothgar Geiger
Sing A Little Offline
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Originally Posted By: AML-Barbarian
Yes, I might.


IMO this type of attitude is totally inappropriate when addressing issues in a business thread. I'd save it for the cooler.
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#698091 - 03/07/07 07:19 PM Re: OFAC checkers? Sing A Little
Retread Offline
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ComplyOhMy, if you are looking for a place to check a few names through OFAC, try

http://apps.nasd.com/rulesregulation/ofac/nasd/Default.aspx

It works very well, and you can do more than one name at a time.

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#698215 - 03/07/07 09:37 PM Re: OFAC checkers? Retread
ACBbank Offline
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Retread beat me to it. My FI uses the NASD one too and we have had no issues.
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#698658 - 03/08/07 06:02 PM Re: OFAC checkers? ACBbank
ComplianceO Offline
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#699033 - 03/09/07 12:14 PM Re: OFAC checkers? Hrothgar Geiger
Retread Offline
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Originally Posted By: AML-Barbarian
OFAC checking has been a necessary part of banking since November of 2001. 2007 seems a little late to the party.


How long has OFAC been a requirement?
Those of you with an interest in genealogy can trace OFAC's family tree back to the War of 1812 when the Secretary of the Treasury administered sanctions against England for harassing American sailors. During the United States' next war, the Civil War, Congress passed a "Trading With The Enemy Act" (TWEA) which blocked transactions with the Confederacy and called for the forfeiture of goods involved in those transactions.
This act was modernized in 1917 as a result of World War I. In 1940, while Germany was invading Norway, the Office of Foreign Funds Control (OFFC) was established to administer the TWEA to prevent Nazi use of holdings of occupied countries. OFAC was formally created as a successor to OFFC in December 1950 when China entered the Korean War and President Truman acted to block all Chinese and North Korean assets subject to United States Jurisdiction.
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#699047 - 03/09/07 01:03 PM Re: OFAC checkers? ComplyOhMy
ahou Offline
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We use Watchdog and have bren very satisfied. We recently purchased Patriot Officer, which has OFAC tracking, but it doesn't check the last name (we are sure it is an interface problem) p.s. No question is a stupid question. Feel free to ask. It's the best way to learn.
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