A-PLUS OFAC Service
With A-PLUS OFAC Service, you'll automatically check your insureds against the government's watch list of potential terrorists and drug traffickers.
All U.S. insurance companies and their employees — as well as U.S. citizens and permanent resident aliens employed by non-U.S. insurers — are responsible for screening their customers against the master list published by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. The purpose of the screening is to ensure that you don't conduct business with persons or organizations involved in terrorism, international narcotics trafficking, or activities related to the proliferation of weapons of mass destruction.
Failure to comply with that legal requirement can result in corporate or personal fines of up to $1 million and up to 12 years in jail.
How the system works
Once you subscribe to the service, the system will automatically check the insured's name against the OFAC watch list each time your company orders an A-PLUS report. If the system finds a match, A-PLUS will notify the designated OFAC representative at your company.
The A-PLUS OFAC Service is an optional enhancement to ISO's A-PLUS auto and property loss-history reports. You must subscribe to A-PLUS to be eligible for the A-PLUS OFAC service.
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