OFAC Tab |
  
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Navigation: Institution Options Screen >
OFAC Tab |
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CIM GOLD Office of Foreign Asset Control (OFAC) Overview
The Office of Foreign Asset Control (OFAC) function is used to search a database imported from the U.S. Treasury Department of specially designated nationals and blocked individuals. OFAC is a CIM GOLD program that is used to verify whether a new customer is eligible to open an account in the U.S. Names added to the Customer Information Systems (CIS) in CIM GOLD need to be verified against this list by your employees when opening new accounts, adding new names, or changing names on accounts.
The OFAC Search screen can be accessed from multiple places in the CIM GOLD tree:
•Miscellaneous > OFAC Search: Use this screen to check business or individual names when not opening a new account.
•Customer Relationship Management > Customer Profile: Use this screen when opening new accounts and adding new names to accounts or maintaining an existing name.
•Entity Maintenance > Person or Organization: Use this screen when adding or changing a name but not opening a new account.
NOTE
This same screen is accessed when you are making location, name, and vesting changes in Change Name and Address. |
The system default for the search criteria is Match on Last and First Names in OFAC. If changes are made on this screen during the day and you want it to be effective for all employees, they have to close and reopen CIM GOLD in order to retrieve and use the new settings.
FPS GOLD automatically checks every two hours from 8:00 a.m. to 5:00 p.m. daily to see if there are new files. If there are, they are imported and used in the afterhours that night, and they are available for all online searches.
FPS GOLD gets emails whenever this file is changed. We replace the entire file with the new data.
We update the OFAC file using the following Web site:http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx.
The fields on this screen can be applied to help reduce false positives. The available fields differ depending on whether your institution is on combined OFAC.
The following fields are available to all FPS GOLD clients:
•Only Show Exact Last Names in OFAC (1st word)
•Only Show Exact Last Names in OFAC (all words)
•Show Message if no Matches Found in OFAC
The following fields are available only to FPS GOLD clients who are not using combined OFAC:
•Only Show Exact First Names in OFAC (1st Word)
•Only Show Exact First Names in OFAC (all words)
•Only Show Exact Other Names (Organizations) in OFAC (1st word)
•Only Show Exact Other Names (Organizations) in OFAC (all words)
•Assume the entire last name is a match if the first name is a match.