OFAC & FinCEN Definitions

The https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. The Department of the Treasury puts out a list of OFAC files regularly.

The https://www.fincen.gov/ (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.(FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Overview

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jCore reviews the data files from OFAC and FinCen. It flags any client records that match. You can upload OFAC and FinCEN data on the SFTP site, and then download them to the Jacomo. The Standard Usage section describes the basics of using the OFAC and FinCEN data for checking and matching the data. The For Advanced Users section contains information for specific users.

To access the OFAC & FinCEN monitor, click the Compliance tab (1), then click on OFAC & FinCEN (2). The OFAC & FinCEN monitor allows you to view and confirm verification results, as well as add notes and make decisions about the clients.

Basic Usage

This section describes how to verify OFAC and FinCEN results against the data entered in the jCore system.

In the Main tab, you can specify parameters: what you want to check and in what period. The results are displayed in the table below. In this table, you can verify the results and make notes.

Rw ui steps macro

Rw step To check the clients, select the parameters (1): Last Name, First Name Enter the Last name and First Name : if if you want to check a particular client (leave empty for all) To search for all clients, leave this empty. Match Source Select All, FinCEN, or OFAC. Status Select All, Approved Matches, or Unapproved Matches. Check Date From, Check Date To Specify the period of the check dates. The system loads the files inside this period. The check results show all clients who are being tested during this period. Match Date From, Match Date To Specify the period of the match dates. The system loads the files inside this period. Match dates show just differences in the records. These are important and need to be investigated. Approved Date From, Approved Date To Specify the period of the approval dates, if you are looking for approvals only. The system loads the files inside this period. Click FILTER (2). Tip Tip: Enter Check, Match, and Approve From Dates that are before the most recent OFAC & FinCen files. You can leave the Check, Match, and Approve To Date fields blank. However, to view historical data, you need to include From and To dates. Note: Clicking the Importer button opens a window that displays the list of files imported into the system. See the Importing OFAC and FinCEN Reports guide for more information. Rw step Double click on the client to view the information of the selected client. Note: You can also single click, then click Detail. Info Information: To save space, the search results show only the most recent note. All notes are displayed in the Match Detail window. Rw step Compare the Reasons For Match to the actual client record. Info Examples: The system matched Rod Sheila with the OFAC value Rod Ship Management Co. However, these are not the same. For the contact name Graf Henry, the first name doesn't match. For King Samuel, citizenship per OFAC is different. Moreno Daniel has a different birth date, therefore the note shows these are different people. Rw step Optional: You can improve the results by making notes. To add a note, select the client and click ADD NOTE. Tip Tip: Adding notes is not mandatory, but it is highly recommended to add them for future use. Rw step Confirm that the result does not match your customer. Tip Not a Match: Click APPROVE only if you are sure that the note is correct. Warning Match: Follow your internal procedures to determine the escalation process. See the Printing and Exporting OFAC and FinCEN Reports document on how to print and export the reports.

Getting the Data Files

Office of Foreign Assets Control (OFAC)

Financial Crimes Enforcement Network (FinCEN)

Data Load Reports

To view the dates when the information was verified with the FinCEN, click ADMIN > Data Load Reports.

In the Daily Load Statistics By File Source window:

1. Select FinCEN (or OFAC).

2. Click FILTER.

1. Select the required year and month.

2. Click FILTER again.

Cells with blue links show the dates when files were loaded. Click on the link to see the details.

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The following tables show the summary information, as well as databases by types and recent changes.