OFAC

This service addresses the need for an up-front, automated OFAC screening service for credit granting operations.

The Office of Foreign Assets Control is a U.S. government agency that maintains a list of Specially Designated Nationals (SDN) and Blocked Persons. The OFAC list is updated periodically as new individuals and entities are identified. The U.S. government has classified the individuals and/or entities on the list as potentially dangerous and a potential threat to national security. Financial institutions, securities firms and insurance companies are required by law to block or freeze property, payment of any funds transfers and transactions with anyone on this list. Failure to comply can result in steep fines and/or jail time.

In order to assist in complying with the OFAC regulations, Experian has decided to offer a free online service. This new service is called the OFAC Name Matching Service and can be added to a Credit Report or permissible purpose version of Address Update for no additional charge. Now, with Experian’s OFAC Name Matching Service, you can quickly identify if further research needs to be done and move the application on with confidence.

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