OFAC Screening Services for Wires
Catalyst Corporate offers automated OFAC Screening Services for incoming and outgoing wire transfers – a complete solution for OFAC regulatory compliance.
Regulations prohibit transactions with certain persons and organizations listed on the U.S. Treasury's Office of Foreign Asset Control's website as "Terrorists" and "Specially Designated Nationals and Blocked Persons," as well as listed embargoed countries and regions. Credit unions must ensure that wire senders or receivers are not prohibited persons or entities and are not from embargoed countries or regions before initiating or receiving wires.
Catalyst Corporate's automated services screen wires for matches with the OFAC lists. “Hits” are reflected in TranZact, where credit unions can review and decision those wires. Wire decisions, once made, are logged with the wire in TranZact, where they may be easily viewed by authorized credit union employees.
Not complying with OFAC rules can potentially lead to costly penalties and can carry regulatory and reputational risks. With Catalyst Corporate’s combined screening services for incoming and outgoing wires, the need for accessing an external OFAC scanning source is eliminated. Credit unions can perform their due diligence without ever leaving TranZact.
The OFAC Screening Services are offered at a nominal monthly price. To activate incoming and/or outgoing OFAC wire screening services, simply navigate to CU Settings within TranZact.