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#944407 - 04/17/08 05:24 PM Standalone OFAC software list
MidMOAuditor Offline
100 Club
Joined: Aug 2007
Posts: 105
Missouri
I recently performed an audit of a bank who is doing manual OFAC scans and scrubs. The system was not efficient or effective as the database scrub was only being performed once a year. Personnel were having to spend weeks doing it and documentation was not adequate. New accounts are manually scrubbed by pulling up the SDN list and doing a manual search as well and documentation was very poor in this areas as well.

I recommended looking at some automated systems. I advised them to check with other banks in their area and their core system provider but they wanted some alternative choices as well.

So I'm looking for some help compiling a list. It should be fairly low cost and very easy to use. This is for about a 30M dollar bank.

Anyone have any experience or knowledge of some good products out there?

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#944418 - 04/17/08 05:32 PM Re: Standalone OFAC software list MidMOAuditor
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
Bridger

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