Insurance Services Office, Inc. (ISO) has expanded its suite of compliance products to help insurers and other businesses comply with the requirements of the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
ISO’s new OFAC Enterprisewide solution is designed to search for and detect payments to organizations or individuals involved in terrorist activities, international narcotics trafficking and other organized crime, or activities related to the proliferation of weapons of mass destruction.
The ISO solution can be used by any department within an organization, such as human resources, accounts payable, underwriting and others, to search lists against the OFAC watch list of Specially Designated Nationals and Blocked Persons.
Participating organizations submit a data feed to ISO. The search criteria may include the name of the business or individual (required for searching), state, country, date of birth, Social Security number (SSN) and/or passport number.
Submitted records are searched against the OFAC database. Search results and matching details are returned the next day electronically or via the ISO ClaimSearch® Web site. Companies using ISO’s Enterprisewide solution also have access to its OFAC LookUp query capability for single searches against the OFAC watch list.
In addition to the Enterprisewide solution, ISO ClaimSearch offers other OFAC compliance solutions for claims-handling departments. These solutions automatically check claims reported daily or in real time to ISO ClaimSearch against the OFAC list.
For more information on the OFAC Enterprisewide solution, e-mail: firstname.lastname@example.org.
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