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?