The Problem
When money is transferred internationally, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury requires that the recipient does not appear on any list of suspected terrorists or terrorist organizations.
Andrews Federal Credit Union had to perform this check manually for each international money transfer. This manual process was time consuming and error prone, and therefore expensive.
The Solution
Nueve solutions automated the OFAC search for suspected terrorists during the money transfer process, which saves Andrews Federal Credit Union time and money.
The Technology
We used the Q2 SDK and LexisNexis Screening Solutions to automate the OFAC search. If the money transfer recipient does not appear on any list of suspected terrorists, the transfer is instantly approved. If the recipient does appear on a list of suspected terrorists, the transaction is automatically placed on hold pending further investigation.
A record is kept of each money transfer request (with the corresponding OFAC search results) in case of any future audit.
