OFAC Compliance Service
ISO ClaimSearch® now offers OFAC Compliance Service — the automated way to check all your claims payments 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 claims 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 pay out money to a person or organization involved in terrorism, international narcotics trafficking, or activities related to the proliferation of weapons of mass destruction. Failure to comply with your legal requirement can result in corporate or personal fines of up to $1 million and up to 12 years in prison.
Here's how it works
ISO's OFAC Compliance Service is available as an option to ISO ClaimSearch subscribers. The service uses the existing infrastructure of ISO ClaimSearch to let you search your daily claims against the OFAC watch list without having to make a special submission.
If the system finds a match, we'll notify your designated company representative by e-mail. To ensure privacy, we will not provide the matching claim details in the e-mail message. Instead, we'll provide a link to the secure ISO ClaimSearch website, where the designated individual can see full details of the matches and compare each matching claim with the OFAC details.
The system will match on similar names, nicknames, and inverted names, as well as international equivalents, such as John and Juan.
ISO offers service in four tiers
- Standard Service: ISO compares all involved parties against the OFAC watch list. The comparison includes businesses and individuals based on name (plus aliases) and date of birth. Your initial claim submissions and updates trigger the searches.
- Premium Service: In addition to the standard service, ISO will automatically perform public-records searches and other searches to help you verify the identity of individuals or businesses.
- Historical Sweep: You have the option of searching all claims previously submitted to the system or searching claims submissions over a specific segment of time, such as the last two years or the last five years.
- Enterprisewide Service: ISO conducts searches on individuals and businesses for all departments within your organization. Your claims, human resources, accounts payable, and other departments can perform searches against the OFAC Watch List. The search checks company lists of policyholders, vendors, marketing contacts, and other nonclaims names.
Always up to date
- ISO monitors the OFAC list daily to ensure that the information is always up to date.
- When the U.S. Department of the Treasury updates the OFAC watch list, ISO immediately adds the new names to our database. We'll search all additions and send your company an e-mail if we find any matches.
If you don't need our full automated OFAC Compliance Service, you can still use the ISO ClaimSearch OFAC LookUp to check an individual against the OFAC list. OFAC LookUp is available to all ISO ClaimSearch participants at no additional charge.
For more information . . .