The OFAC / EDD Server works to assist financial institutions within the Enhanced Due Diligence process by facilitative

search of blocked entities and Politically Exposed Persons (PEP). The OFAC / EDD Server is continuously updated with Proprietary PEP lists and sanctions lists such as those from the US Office of Assets Control (OFAC) and the Bank of England (BOE). The financial institution may include its own private and supplemental lists as part of verification. The Search History function within the server is designed to comply with FinCEN requests and subpoenas.

Wires Both incoming and outgoing wire transfers are monitored against blocked entities contained in published lists such as OFAC, BOE and other supplemental private lists. SWIFT As with wire transfers, incoming and outgoing processes are scanned to prevent blocked entities within both published and private lists.

ACH ACH originated files or messages received from the Fed are scanned and protected against blocked entities contained in published lists such as OFAC and BOE. This includes supplemental private lists as well. FinCEN - 314A Requests from FinCEN are processed immediately. FinCEN lists are scanned against customer information and transaction history.

Customer Information OFAC / EDD Server accommodates Enhanced Due Diligence on customer accounts and all related parties such as Signatories, Beneficiaries, and Power of Attorneys. Customer information is continuously cross checked against PEP databases and blocked lists. Letters of Credit Information on significant parties in a Letter of Credit is examined against BIS and other lists from the Department of Commerce, OFAC and private databases.

Other platform, loan or credit systembased bank applications may interact with OFAC / EDD Server to filter their data for OFAC and other lists. This is performed in real-time through a messaging interface between applications.

The OFAC / EDD Server can be specified to process data by using files or online messages over MQ Series. These include FedWire, SWIFT and ACH transactions in their native format.

The OFAC / EDD Server monitors and scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and further sources. The server is designed to streamline processes involved to protect against unauthorized entities. In addition, the OFAC / EDD Server helps in assisting banks in accordance to Enhanced Due Diligence (EDD) through searching databases such as Politically Exposed Persons (PEP).

The Search History function within the server is designed to comply with FinCEN requests and subpoenas by examining client databases and transaction history.

Ocean Systems provides specialized, comprehensive and innovative software solutions to assist in preventing fraudulent behavior. Ocean Systems has grown to be leaders in software compliance solutions since 1991. Ocean Systems shares a common goal of connecting experience, creativity and technology to provide banking and financial solutions in compliance with corresponding sections of the US PATRIOT Act. Visit us online today to learn more.