OFAC & FinCEN Definitions
The https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information (OFAC provide ) provides financial institutions with lists of individuals and entities with sanctions against them. This list is updated regularly and does not have set release dates. The OFAC restrictions do not apply to past activities, such as completed transactions and closed accounts. Instead, the restrictions apply to current or ongoing activity. The Department of the Treasury puts out a list of OFAC files regularly.
The https://www.fincen.gov/ FinCen provides an updated list every 2 weeks. Financial institutions must review account activity over the past 12 months and transactions over the last 6 months. FinCEN requires financial institutions to report any activity by individuals or entities on the provided list.
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Tip: The clients Clients must be verified on against these lists based on their names, SSN, addresses, etc. The designated individual has to check them on the regular basis. |
Overview
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 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 verify matches, 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.
On the Main tab, you can specify parameters: what you want to check and in what period. You can verify the results and make notes.
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To check the clients, select the parameters (1): Last Name, First Name | Enter |
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the a client’s Last name and First Name | if you want to check a particular client To search for . Tip |
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Tip: To search across all clients, leave |
| this All , FinCEN , or OFAC .the list(s) you want to review. | Status | Select |
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All , an option to see matches in a particular status. | , or Unapproved Matches . If there are just misspelling, wrong format, etc., you can correct the data and approve. Otherwise, leave it unapproved Info |
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Definitions: Approved Matches are clients that someone reviewed and confirmed are not a match. Unapproved Matches have not been reviewed. |
| Check Date From, Check Date To |
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Specify the period of the data checking. The system loads the files inside this period. The check results show all clients who are being tested during this periodThe system displays results that it checked during the specified time frame. | Match Date From, Match Date To |
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Specify the period of the match dates. loads the files inside this period. Match dates show just differences in displays results that it matched during the specified time frame. Note: Match dates shows differences between the OFAC/FinCEN records and jCore records. | These are important and need to be investigated. | Approved Date From, Approved Date To |
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Specify the period of the approval dates, if you are looking for approvals only. The system loads the files inside this periodThe system displays results that were approved during the specified time frame. |
Click FILTER (2). Tip |
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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. |
Image Modified 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. Double click on the client a result to view the information of the selected client. Note: You can also single click, then click Detail. Info |
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Information: To save space, the search results show only the most recent note. All notes are displayed in the Match Detail window. |
Image Modified Compare the Reasons For Match to the actual client record. Info |
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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.
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Optional: You can improve the results by making notes. To add a note, select the client add notes to results. Select the client in the results list and click ADD NOTE. Tip |
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Tip: Adding notes is not mandatory, but it is highly recommended to add them for future useIf a match occurs in the future, your notes will help you approve the match more quickly. |
Confirm that the result does not match your customer. Tip |
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Not a Match: Click APPROVE only if you are sure that the note is correctclient does not match the OFAC/FinCEN result. | Warning |
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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)
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Log on to the US Treasury website with its credentials at SISS 314(a) Login — Secure Information Sharing System (fincen.gov) to request/download the current file. Name the file, which must be in .csv format, by the following naming conventions before uploading to sFTP, otherwise, it will not load to jCore: where * = variable that is typically a date. Store the file in the /pub/FinCen subfolder on the shared sFTP site. |
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:
Select FinCEN (or OFAC).
Click FILTER.
Select the required year and month.
Click FILTER again.
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Tip: In addition, you can switch between the source if necessary. |
Cells with blue links show the dates when files were loaded. Click on the link to see the details.
The following tables show the summary information, as well as databases by types and recent changes.
Note: Confirm that there were zero records with errors.