OFAC WatchDOG is the only OFAC Monitoring tool your bank will ever need. OFAC WatchDOG is PC-based and easy to use, providing capabilities that exceed the Office of Foreign Asset Control regulations. Bank transactions are processed on an individual basis, in addition to the batch processing and reporting of infractions, and the required yearend report. The Meridian product will be integrated with OFAC WatchDOG in four places:
- The Meridian Desktop will have a link to a Single Account Lookup
- The Meridian New Account Build process will be able to launch an inquiry of the OFAC list
- Meridian will be able to Extract a CIF list to be "scrubbed" by the WatchDOG System
- From Meridian, be able to initiate CIF and ACH Batch process scrub with a click of a button within the WatchDOG system
Single Account Lookup
The Single Account Lookup link on the Meridian desktop is the first place that OFAC WatchDOG is integrated into Meridian. From the Single Account Lookup screen, the bank employee can search on any name without exiting Meridian or extracting data.
New Account Lookup
The New Account build process is the second place that the OFAC product is integrated with Meridian. Once the user clicks "Save" during the new account build process, the OFAC WatchDOG program is launched, and the primary name is automatically loaded and searched upon.
OFAC Extract
The ability to extract a list of ALL customers, including the primary name and address, secondary name and address, and the IRS name and address, is the third way that OFAC WatchDOG is integrated with Meridian. This menu option can be found from within the Miscellaneous Extracts within the interfaces menu. Once a bank employee has selected the menu option and entered his or her Access Code, the extract program will start counting up in increments of 500. This number will stop once it has reached the last Customer Number.
Batch Process (CIF and ACH)
The Customer Information (CIF) Scrub is the process of comparing the bank's present customer base with the current OFAC SDN list. Once the extract has been completed, the file is automatically downloaded to the user's PC. ACH can be scheduled to run daily, and the CIF file can be scheduled for month end. Once the scrub has completed, the program will show you statistics on the speed of Scrub, and the number of matches that the program found. The user must then review the false positives. The program will then show all of the possible matches and allow the user to add the customer to the Good Customer List, or simply resolve without adding to the Good Customer List.
GuardDOG
See information about McCoy Myers' FinCEN Reporting Solution.
