FSI’s BankWatch, the online solution for OFAC screening compliance.
The Patriot Act was born out of the need to thwart terrorist activity and protect American interests at home and abroad. Part of the Patriot Act deems that all financial institutions are required to establish a means of identifying and “knowing” its customers, behavior detection systems that will flag any suspicious financial activity (such as money laundering). Each financial institution must also show proof of compliance.
In order to assist our clients in their need to meet these directives as set by the act, FSI has partnered with ChoicePoint/Bridger to bring the banks that have put their trust in us BankWatch, an online solution for Office of Foreign Assets Control (OFAC) screening. This partnership combines the premier screening services of Choice Point/Bridger’s World Tracker program with FSI’s clients’ databases, resulting in a hands-off screening solution for clients. Each scan of a client’s database through the BankWatch system is referenced against a comprehensive grouping of watch lists for US and foreign entities as well. BankWatch also allows for on-demand screening of new customers by in-bank representatives. Reports of findings for FSI scanned data are available on BankView for reference and can be transferred to a third-party program for archiving and/or internal reporting. On demand scanning produces a report that is local to the program and is not transferred to BankView.
With BankWatch, a bank’s entire customer database will be scanned at a frequency of choice. Options for scanning are:
Option 1: Daily and Monthly. (All new customers nightly and results will be available for review by noon the next business day via BankView. BankWatch defines new customers as entities that have no prior or existing relationship with bank.)
Option 2: Monthly only.
For additional information or to set up an appointment for a demonstration of BankWatch, please contact sales@insidefsi.net.
