Hi.

I am a newbie in Compliance and have a question for Jack Henry users. When you recieve your report of OFAC suspects (CF7555P) how do you work it? Is there a JH report that will show just the new hits from the previously run report/downloaded SDN list?

Sorry for asking such a real basic question but I am at a loss how to work this entire hit list without going line by line and comparing each hit reported to the SDN list.

Thank you for your time and all responses will be appreciated.

The list has already been compared to the SDN list. The suspects on that list will continue to show until you certify them. Option 4 under the OFAC menu. I would review each to make sure it is not a "real" hit and then certify them all. Document this process. This will clean up your list. When I took over BSA, no one had done that, so our list was 80-100 pages long. I reviewed them and then certified them. They are most likely false positives.

This should clean up your list and you should only see hits when an OFAC update is run, and then you will do the same thing.

Don't you have to re-certify them each time a new list is updated?

Not if your OFAC software is halfway decent. After you clear a false positive to a particular name on the list, the software should "tag" that customer to that particular entry as a "clear." The only time you would have to recertify is if a new name was added to the list that has similar characteristics.

I first started using Bridger wa-a-y back in 1996. This particular annoyance was one of my constant complaints and about a year later, they came out with a solution. I think most OFAC software database filters now have that feature.

Suspect matches that are certified on JHA only have to be recertified if OFAC changes something about that specific person. If OFAC changes something (for example, adds a new AKA, SSN or DOB being used by individual.) then JHA will automatically uncertify the suspect match so that it can be reviewed by the Bank.

I prefer working the suspect matches on the system rather than working the reports themselves (Option 4 on OFAC Tracking Menu).