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Introduction: This user guide will help you to use the OFAC & FinCEN monitor. |
ChangesMarch Audience: Compliance and AML teams.Comprehensive documentation for the OFAC & FinCEN. | Initial Version | December 2023 | Screenshots updated |
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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 (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.Note: The difference between OFAC and FinCEN is that the OFAC search is a point in time or “snapshot” look only. This is because OFAC requires that you not transact business with individuals and businesses during the time they are on the OFAC list. FinCEN requires a one-time search against all of the bank's customers for the prior 12 months The clients The responsible person has to check them on the regular basis. of using the OFAC and FinCEN data confirm verification results Image RemovedIn The results are displayed in the table below. In this table, you the : if you want to check a particular client (leave empty for all) All, FinCEN, or OFAC. All, Approved Matches, or Unapproved MatchesSpecify 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 periodSpecify the period of the match dates. loads the files inside this period. Match dates show just differences in the records. These are important and need to be investigatedSpecify the period of the approval dates, if you are looking for approvals only. The system loads the files inside this period Importing OFAC and FinCEN Reports the client of Image RemovedImage Removed improve the results by making notes. To add a note, select the client Adding notes is not mandatory, but it is highly recommended to add them for future use.Image Removed the note is correct Warning |
Image Removed Printing and Exporting OFAC and FinCEN Reports “OFAC”***where * = variable that is typically a date.“FinCEN” with its credentials *where * = variable that is typically a date.
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