OFAC Name Breakdown
Learn how to complete tasks related to opening/closing memberships/accounts.
Verify New Member Identity - Suspected Match
View the OFAC Suspect Match Screen
The CU*BASE Data Match system provides a way to match your membership records against the current “Specially Designated Nationals & Blocked Persons” and “Palestinian Legislative Council (PLC)” lists published by the Office of Foreign Asset Control (OFAC). This feature is designed to assist your credit union with its required due diligence for complying with current OFAC rules.
If the OFAC scan feature is activated in your credit union's Workflow Controls, CU*BASE will scan all new member and non-member records against the current OFAC list as they are created. It will also scan member/non-member records whenever they are added to an account as a joint owner or beneficiary, as well as non-member data during pre-membership lending.
An OFAC scan is also run when posting an outgoing wire transfer, when creating an Account-to-Account relationship, or when running an OFAC scan on an International ACH Transaction (IAT). It can also be run on demand via the Time-Out window, or through Tool #778: Scan a Single Name Through OFAC (Shortcut: ofac). These options will first present the OFAC Name Breakdown screen, allowing you to confirm the information that is being scanned.
A record of the results of each OFAC Scan is recorded as a Tracker conversations in the associated member’s Audit Tracker.
If no suspected match is found, this window will be displayed as confirmation. Simply use Enter to return to the return the entry scan screen to run another scan. (Click here for a sample of the screen that will appear when a suspected match is found.)
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