https://www.oceansys.com/ofac_solution.aspx | Ocean Systems outlines the security benefits included in their Enhanced Compliance Solution (ECS). ECS uses multi-functional modules that work in compliance to account configurations as well as in accordance to the US PATRIOT Act. ECS is a monitoring system designed to prevent fraudulent behavior through research, follow-up and reporting automation.

2. •
The OFAC / EDD Server works to assist
financial institutions within the Enhanced Due
Diligence process by facilitative search of
blocked entities and Politically Exposed
Persons (PEP).
•
The OFAC / EDD Server is continuously
updated with Proprietary PEP lists and
sanctions lists such as those from the US
Office of Assets Control (OFAC) and the Bank
of England (BOE).
•
The financial institution may include its own
private and supplemental lists as part of
verification. The Search History function within
the server is designed to comply with FinCEN
requests and subpoenas.

3. •
Wires – Both incoming and outgoing
wire transfers are monitored against
blocked entities contained in published
lists such as OFAC, BOE and other
supplemental private lists.
•
SWIFT – As with wire transfers, incoming
and outgoing processes are scanned to
prevent blocked entities within both
published and private lists.

4. •
ACH – ACH originated files or messages
received from the Fed are scanned and
protected against blocked entities
contained in published lists such as OFAC
and BOE. This includes supplemental
private lists as well.
•
FinCEN - 314A Requests from FinCEN
are processed immediately. FinCEN lists
are scanned against customer information
and transaction history.

5. •
Customer Information – OFAC / EDD
Server accommodates Enhanced Due
Diligence on customer accounts and all
related parties such as Signatories,
Beneficiaries, and Power of Attorneys.
•
Customer information is continuously
cross checked against PEP databases
and blocked lists.
•
Letters of Credit – Information on
significant parties in a Letter of Credit is
examined against BIS and other lists from
the Department of Commerce, OFAC and
private databases.

6. •
Other platform, loan or credit systembased bank applications may interact
with OFAC / EDD Server to filter their
data for OFAC and other lists. This is
performed in real-time through a
messaging interface between
applications.
•
The OFAC / EDD Server can be
specified to process data by using files
or online messages over MQ Series.
These include FedWire, SWIFT and
ACH transactions in their native format.

7. •
The OFAC / EDD Server monitors and scans lists
published by the US Office of Assets Control (OFAC),
the Bank of England (BOE) and further sources. The
server is designed to streamline processes involved
to protect against unauthorized entities.
•
In addition, the OFAC / EDD Server helps in assisting
banks in accordance to Enhanced Due Diligence
(EDD) through searching databases such as
Politically Exposed Persons (PEP).
•
The Search History function within the server is
designed to comply with FinCEN requests and
subpoenas by examining client databases and
transaction history.

8. •
Ocean Systems provides
specialized, comprehensive and
innovative software solutions to
assist in preventing fraudulent
behavior. Ocean Systems has grown
to be leaders in software compliance
solutions since 1991.
•
Ocean Systems shares a common
goal of connecting experience,
creativity and technology to provide
banking and financial solutions in
compliance with corresponding
sections of the US PATRIOT Act.
Visit us online today to learn more.