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Introduction: This user guide will help you to use the OFAC & FinCEN monitor.

Table of Contents

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Date

Changes

Change

March Audience: Compliance and AML teams.

August 2022

Comprehensive documentation for the OFAC & FinCEN.

Initial Version

December 2023

Screenshots updated

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

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) 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

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.

Tip

Tip:

The clients

Clients must be verified on against these lists based on their names, SSN, addresses, etc.

The responsible person has to check them on the regular basis.

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

verify matches, as well as add notes and make decisions about the clients.

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Basic Usage

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

In

On 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

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

the

a client’s Last name and First Name

: if you want to check a particular client (leave empty for all)

.

Tip

Tip: To search across all clients, leave these fields empty.

Match Source

Select

All, FinCEN, or OFAC.

the list(s) you want to review.

  • All

  • FinCEN

  • OFAC

Status

Select

All, Approved Matches, or Unapproved Matches

an option to see matches in a particular status.

  • All

  • Approved Matches

  • Unapproved Matches

Info

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

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

The system displays results that it checked during the specified time frame.

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

displays results that it matched during the specified time frame.

Note: Match dates shows differences between the OFAC/FinCEN records and jCore records.

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

The system displays results that were approved during the specified time frame.

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.

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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

/wiki/spaces/DOHTS/pages/1941274625 guide for more information.

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Double-click on

the client

a result to view the information

of

for the selected client.

Note: You can also single click, then click Detail.

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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.

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Compare the Reasons For Match to the actual client record.

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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

Tip:

Adding notes is not mandatory, but it is highly recommended to add them for future use.Image Removed

If a match occurs in the future, your notes will help you approve the match more quickly.

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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

the client does not match the OFAC/FinCEN result.

Warning

Match: Follow your internal procedures to determine the escalation process.

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See the

Printing and Exporting OFAC and FinCEN Reports

/wiki/spaces/DOHTS/pages/1940357125 document on how to print and export the reports.

Getting the Data Files

Office of Foreign Assets Control (

“OFAC”

OFAC)

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Download the following files from the https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-list-data-formats-data-schemas:

  • SDN.CSV 

  • ALT.CSV 

  • ADD.CSV 

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Name each file, which must be in .csv format, by the following naming conventions before uploading to sFTP, otherwise, they will not load to jCore:

  • SDN-

*
  • [date].csv

  • ALT-

*
  • [date].csv

  • ADD-

*
  • [date].csv

where * = variable that is typically a date.

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Store the files in the /pub/OFAC subfolder on the shared sFTP site.

Financial Crimes Enforcement Network (

“FinCEN”

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.

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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:

  • FinCEN-

*
  • [date].csv

where * = variable that is typically a date.

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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 (1) > Data Load Reports (2).

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In the Daily Load Statistics By File Source window:

  1. Select FinCEN (or OFAC).

  2. Click FILTER.

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  1. Select the required year and month.

  2. Click FILTER again.

Tip

Tip: In addition, you can switch between the source if necessary.

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Cells with

the

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.

Note: Confirm that there were zero records with errors.

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Audience: Compliance and AML teams.

Info

Functionality:The OFAC and FinCen monitor allows users to quickly verify matches with regularity lists.

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