Banks & Credit Unions
OFAC Screening for Banks & Credit Unions
Automated OFAC screening for BSA/AML compliance at community banks, regional banks, and credit unions.
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.
Use Cases
How Banks & Credit Unions Use OFACScreen
Account Opening
Screen every new customer during onboarding to ensure they are not on the SDN or Non-SDN lists before opening accounts.
Wire Transfers
Screen originators, beneficiaries, and intermediary banks for every wire transfer to catch sanctioned parties in real time.
Ongoing Monitoring
Save the names that matter and have them re-screened against all 8 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.
The Requirement
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. The last of those is where paper programs come apart.
Go Deeper
The Detail Behind This Page
Sales
Have questions? Talk to a real person.
David can walk you through a demo, answer pricing questions, or help you figure out which plan fits your compliance needs.
Industries
OFAC Screening for Every Industry
Try OFACScreen Free
Start your 14-day free trial. No credit card required. Screen against 8 sanctions lists in seconds.