SEDONA Corp. technology can help CUs comply with OFAC

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]