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OFAC Search Screen

Navigation:  Miscellaneous Screens >

OFAC Search Screen

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The Miscellaneous > OFAC Search screen allows you to search customers' names for Office of Foreign Asset Control (OFAC) matches.

 

OFAC is a Windows-based program that verifies whether a new customer is eligible to open an account in the United States. The program accesses and searches a database imported from the U.S. Treasury Department of specially designated nationals and blocked individuals. The Office of Foreign Asset Controls and other government agencies create a number of lists for which institutions should not do business. See below for a list of entity types included in OFAC lists.

 

hmtoggle_arrow1OFAC list inclusions

•Specially Designated Nationals (SDN), published by OFAC. Persons in this list are blocked from doing financial transactions in the US.

 

•Foreign Sanctions Evaders (FSE), published in the consolidated sanctions list by the US Treasury - OFAC. Persons in this list are blocked from doing financial transactions in the US.

 

•Sectoral Sanctions Identifications (SSI), in consolidated list. Directives in the individual entries describe the prohibitions on dealing with the names in this list.

 

•Palestinian Legislative Council (NS-PLC), in consolidated list. Persons in this list are blocked from doing financial transactions in the US.

 

•List of Foreign Financial Institutions Subject to Part 561 (Part 561), in consolidated list. Persons on this list may not be subject to sanctions after Oct 18, 2015. Banks will need to refer to the US Treasury website for specific sanction waivers.

 

•Non-SDN Iranian Sanctions Act (NS-ISA), in consolidated list. Banks will need to refer to the US Treasury website for specific sanction waivers.

 

If a name comes up as a match on the OFAC list, follow your institution’s procedures on how to move forward with the customer. Validating names through OFAC ensures your institution is in compliance with government regulations.

 

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Note: Sometimes, names appear on OFAC reports when they should not. This generally happens because the Soundex matches a name in the OFAC file. See Soundex for more information about how this system works and OFAC Institution Options for information about how to refine its results. A name can be manually prevented from appearing on the report by marking the Skip OFAC Testing? field on the Deposits > Account Information > Account Information screen, Incoming ACH tab.

 

Reports

Two GOLDPoint Systems reports pertain to OFAC:

 

•The Daily ACH OFAC Match and Suspect Report (FPSDR213) is run daily and shows any ACH transactions that were flagged against OFAC.

 

•If your institution uses consolidated OFAC features (see below) and a household name that has been matched in OFAC is saved in the system, the name will appear on the Consolidated OFAC Report (FPSDR338).

 

Screen Versions

The appearance and functionality of this screen varies depending on whether your institution uses standard or consolidated OFAC Search features in CIM GOLD. If your institution uses standard OFAC search, this screen will simply appear with three basic fields and a <Search> button. See below for an example of the standard version of this screen, followed by instructions for running a standard OFAC search.

 

hmtoggle_arrow1OFAC Search Screen: Standard

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Miscellaneous > OFAC Search Screen (standard version)

 

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Note: The OFAC tab of the User Preferences dialog accessed from the Options drop-down menu on the main CIM GOLD menu bar can be used to set some basic OFAC search settings for the current user. However, these settings might be overridden by certain options currently enabled at your institution. See OFAC Institution Options for more information.

 

To run an OFAC search:

 

1. Enter the last name in the Last Name field. You should enter the entire last name and not an abbreviation.

 

2. Enter the first name and either a middle initial or middle name in the First and Middle Names field. You should enter a space between the first name and middle initial, such as "Parker P." You can also enter just the first initials of the first name or leave this field blank. The less information you enter in this field, the more results will match.

 

3. If searching for business name, do not enter anything in the Last Name and First and Middle Names fields, and instead, enter the business name in the Business Name field. You can enter part or all of the name.

 

4. Click searchbutton to find any possible matches. The OFAC Check dialog will appear as shown below:

 

ofacsearchscreen

 

This dialog details the matches for the name or business entered, using your institution's settings. If there are multiple matches in the list and the Master ID is repeated in the list, the names will be grouped by color for each master with multiples. Six colors are used, and they will start over when more than six matches exist. The colors are green, blue, lavender, aqua, pink, and turquoise.

 

The date the OFAC file was last updated by the government is shown at the bottom right of this screen. Updates to the OFAC lists are checked every two hours from 6:00 a.m. to 4:00 p.m. Mountain Time.

 

Press <Close> to return to the OFAC Search screen.

 

If your institution uses consolidated OFAC search, this screen will appear with the same three basic search fields and <Search> button, but will also display an OFAC History field group. See below for an example of the consolidated version of this screen, followed by instructions for using the consolidated OFAC Search screen.

 

hmtoggle_arrow1OFAC Search Screen: Consolidated

In order to use the consolidated OFAC Search screen, Institution Options DFFN and NRCV as well as the Consolidated OFAC Report (FPSDR338) must be set up at your institution. All other OFAC reports are obsolete and must be turned off in order for your institution to properly use this screen.

 

OFACsearchconsolidated

Miscellaneous > OFAC Search Screen (consolidated version)

 

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Note: The OFAC tab of the User Preferences dialog accessed from the Options drop-down menu on the main CIM GOLD menu bar can be used to set some basic OFAC search settings for the current user. However, these settings might be overridden by certain options currently enabled at your institution. See OFAC Institution Options for more information.

 

To run an OFAC search:

 

1. Enter the last name in the Last Name field. You should enter the entire last name and not an abbreviation.

 

2. Enter the first name and either a middle initial or middle name in the First and Middle Names field. You should enter a space between the first name and middle initial, such as "Parker P." You can also enter just the first initials of the first name or leave this field blank. The less information you enter in this field, the more results will match.

 

3. If searching for business name, do not enter anything in the Last Name and First and Middle Names fields, and instead, enter the business name in the Business Name field. You can enter part or all of the name.

 

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Note: If only the Last Name is entered, the system will not assume you are searching for an individual and will return possible matches for both individuals and entities. To search for individuals only, both the Last Name and First and Middle Names fields should be used.

 

4. Click searchbutton to find any possible matches. The OFAC Check dialog will appear as shown below. All searches run on this screen are saved in the system and can be viewed in the OFAC History field group. See help for that field group for more information.

 

consolidatedOFACcheck

 

This dialog details the matches for the name or business entered, using your institution's settings.

 

The date the OFAC file was last updated by the government is shown at the bottom right of this screen. Updates to the OFAC lists are checked every two hours from 6:00 a.m. to 4:00 p.m. Mountain Time.

 

Press <Close> to return to the OFAC Search screen.

 

hmtoggle_arrow1Security

In order to use this screen, your institution must:

 

•Subscribe to it on the Security > Subscribe To Mini-Applications screen.

 

•Set up employees and/or profiles with either Inquire (read-only) or Maintain (edit) security for it on the CIM GOLD tab of the Security > Setup screen.

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