The OFAC/ EDD Server assists banks in the Enhanced Due Diligence process by facilitating the search of blocked entities such as OFAC and of Politically Exposed Persons (PEP). It’s database is continuously updated with Proprietary PEP lists, and lists published by the US Office of Assets Control (OFAC) and the Bank of England (BOE). In addition, the bank may include its own private and supplemental lists as part of the verification.
Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning the client database and transaction history.
Most any type of data can be processed, depending on the options procured and configured. Documents such as Letters of Credit, client or prospect lists, wire transfers, and transaction files can be scanned. Specific applications such as wire transfers, SWIFT, Account Registration, and E-Mail can be set up to automatically scan their transactions through the OFAC Server.
Built as an Automation Server, the OFAC Server is a multi-user, multi-process facility that can verify data such as customer files and databases, user input from the keyboard, transactions or messages from other applications, or databases of different types. It may be used as a simple user application or as an unattended server that services multiple processes across the institution’s network.
The Server’s search engine can perform mass searches in seconds using a proprietary search algorithm that has been fine-tuned over the span of twelve years. Different search options are available that may be combined with the recently added fuzzy logic to match against misspelled and partial names.
Compatibility with other Applications
The OFAC / EDD Server can be configured to process data by using either files or by using online messages over MQ Series. SWIFT, Fed Wire, and ACH transactions may be scanned in their native format. The OFAC Server can be configured to scan transaction files that are processed via the Fedline terminal or SWIFT terminals such as SWIFT Alliance.
1/13/2012
Ocean Systems addresses FFIEC Recommendations for Layered Based Fraud Control
In response to the FFIEC Addendum to the 2005 Guidelines on Security and Authentication, Ocean Systems offers a layered approach for controlling fraud, as recommended by the guidelines.
12/1/2011
Ocean Systems to Sponsor Upcoming FIBA AML Conference
Ocean Systems will again participate as a gold sponsor at the Florida International Banking Association's AML Conference.
11/21/2011
Activation by the Federal Reserve of the Fed Wire Format
Every one of Ocean Systems' US based installations was affected by the activation of the new Fed Wire format today.
