Customer data (transacting person) and/or non-customer data (official check payee) can be sent in real time when an official check payee or transacting person is entered on the usability Transaction Express screen for validation against watch lists to ensure compliance with the Office of Foreign Assets Control (OFAC) regulations.
To ensure compliance with OFAC watch list regulations, the Financial Crime Risk Management (FCRM) solution that integrates with Fiserv’s AML Manager Application enables institutions to validate official check payees or transacting person CIF information in real time.
Check payee information is now sent for matching against watch lists configured in AML Manager. Transacting person information can also be sent for any transaction entered on the Usability Transaction Express screen.
Results returned from the OFAC match can include a score, number of aliases with names, match list source information, entry number, date of birth, city, country, address etc.