OFAC and watch list Compliance
The BSA Tracker is an affordable option for you to consider. It offers a fully integrated OFAC at no charge; Features include:
- A real reduction in false positives.
- Search scoring can be customized by the financial institution, and not just what the “OFAC” Vendor thinks it should be. One size should not fit all.
- When scrubbing the nightly database, the BSA Tracker OFAC scrubs eliminate unnecessary hits - such as for non-members who might have cashed a check, months ago. One time scrubs are just that, one time.
- Necessary ongoing scrubs for non-members can be easily set up in the Vendor/Non-Member tables
- Quick connection to conduct a search available for all departments in the credit union.
- NO data subscription required, it is an integrated part of the BSA Tracker allowing you to scan:
- Any member or Transactor
- Any database that needs to be scanned like: Vendors or beneficial owners or wire tables or payees for monetary instruments etc.
- Every time the OFAC process is started, it will automatically update from the Treasury SDN Consolidated Lists by going directly to the Treasury Department to get the most current lists
- Finally, the BSA Tracker is so easy to use.