Banks & credit unions
OFAC screening for banks & credit unions
Automated OFAC screening for BSA/AML compliance at community banks, regional banks, and credit unions.
- Harbor Point Imports LLCWire beneficiary · 10:42 No match
- Gulf Star Shipping FZEWire beneficiary · on the OFAC SDN list Match 97%
- members-october.csv412 members uploaded 2 to review
Banks and credit unions must screen customers, beneficiaries, and counterparties against OFAC sanctions lists at account opening, during transactions, and on an ongoing basis. Manual processes don't scale. OFACScreen automates your OFAC compliance with fuzzy matching, batch screening, and continuous monitoring.
How banks & credit unions use OFACScreen
Account opening
Screen every new customer at onboarding, before the account is opened.
Wire transfers
Check originators, beneficiaries, and intermediary banks in seconds before you release a wire, against lists updated daily.
Ongoing monitoring
Save the names that matter and have them re-screened against all 14 lists every day, with an email alert on a new match. How many names you can monitor rises with your plan.
Audit & examination
Export complete screening logs with timestamps and match results for your BSA officer and bank examiners.
What OFAC asks of banks & credit unions
OFAC sits inside the five pillars
Examiners do not grade sanctions screening on its own. They look for it inside the BSA/AML program: internal controls, independent testing, a designated BSA/OFAC officer, training at least annually, and customer due diligence.
Your program is sized to your risk
A community bank is not expected to run the program JPMorgan runs. It is expected to run one appropriate to its size and risk profile, and to be able to explain why that size is the right one.
What the examiner actually does
Reads your written OFAC policy, tests a sample of transactions against it, and checks that your sanctions data is current.
Screen the next wire before it goes out
Every check is saved with the time and who ran it, ready for your examiner. 14 days free, no card.
OFAC screening for every industry
- FinTech & payments Users, merchants and payees
- Insurance Policyholders, claimants and beneficiaries
- Auto dealers Buyers in every sale and financing
- Mortgage & lending Borrowers and co-signers
- Real estate & title Every party to a closing
- Gaming & casinos Players and high-value payouts
- Cryptocurrency The people behind accounts
Try OFACScreen free
Start your 14-day free trial. No credit card required. Screen against 14 sanctions and export-control lists in seconds.