X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KING OF PRUSSIA, Pa. – SEDONA Corp. has developed a timely program given recent current events. SEDONA technology is being used to assist financials in complying with the Office of Foreign Asset Control (OFAC). OFAC administers and enforces economic and trade sanctions against targeted foreign countries, terrorism-sponsoring organizations, and international narcotics traffickers based on U.S. foreign policy and national security goals. OFAC compliance was brought to the forefront recently as President George W. Bush vowed to cut off the terrorists’ financial resources. OFAC maintains a list of over 7,000 names of individuals and organizations that credit unions should be checking against when opening new accounts, as well as comparing to their existing member files to make sure that no OFAC notables are on their current account list. Financial institutions are required to report all blocked transactions and accounts that match account holders on the OFAC list. Intarsia, SEDONA’s Customer Relationship Management (CRM) software, can be used for comparing the OFAC list to a credit union’s member database. SEDONA Corporation offers a pre-built query that can compare their existing Intarsia database with the OFAC lists as they are updated. SEDONA will assist its customers in loading the actual OFAC list (a list available to the public on the Internet) into the front line component of Intarsia, Point of Service. This enables all employees throughout the institution to be able to check at any time if an individual is on the OFAC list or not. [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.