OFAC & FinCEN
- Gints Vaskums
- Inese Auzina
- Mercedes Rothwell
OFAC & FinCEN Definitions
The https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information (OFAC) 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.
Tip: Clients must be verified on against these lists based on their names, SSN, addresses, etc.
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.
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 (1) > Data Load Reports (2).
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.
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