All U.S. Financial Institutions based businesses must comply with the Department of Treasury’s Office of Foreign Asset Controls’ (OFAC) requirements against doing business with targeted foreign countries, terrorists, international narcotics traffickers and those engaged in activities related to the proliferation of weapons of mass destruction

The Evergreen’s OFAC search engine program runs under the AS/400 Platform; using the database provided by a third party company (The Data), the program selects the possible and perfect matches records and brings the information to the screen for analysis; the selected records for possible and perfect match are captured and stored in a file that will be printed during the end-of-day process for auditing purposes.

 

The string being searched and the record been selected are the results of an algorithm calculation based on:

click here to see some screens

There is a file that contains common words like:

• LIMITED
• COMPANY
• BANK

The program searches these words in this file and eliminates from the string the word that matches the common word file.

The search engine program removes any special character from the string like:

• “
• >
• ^
• %

The resulted string then is searched for possible matches into the OFAC database using a combination of:

• Preceding blank
• Trailing blank

Sample String: JOSE SUAREZ

Combination:

• [blank]JOSE
• [blank]SUAREZ
• JOSE[blank]
• SUAREZ[blank]

Results:

• If the string contains more than 2 words, the program selects at least 2 words to match.
• If the string contains 2 words, the program selects at least 2 words.
• If the string contains 1 word, the program selects at least 1 word.

The selected records are presented on the screen and captured to a file for future print and auditing purposes

click here to see some screens

 

The OFAC search engine program searches the following databases:

Customer

• Name and Address
• Beneficiaries
• Account Holders
• Legal Representative

Letters of Credits

• Issuers
• Beneficiaries
• Vessels

Wire Transfers

• Incoming
• Outgoing
• Swift
Originator
Bank Originator
Beneficiary
Bank Beneficiary
Instructing Bank
Intermediary Bank
Bank to Bank Information
Customer to Customer Information

ACH Transactions

• Sender
• Receiving
• Transaction Description

click here to see a presentation...