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.
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.
Tip: The clients must be verified against these lists based on their names, SSN, addresses, etc. The responsible person 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 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.
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:
Select FinCEN (or OFAC).
Click FILTER.
Select the required year and month.
Click FILTER again.
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.
