Providing high quality data processing systems, since 1980
May 5, 2008
CUC Welcomes All To the Spring Database Release Seminar
Apr 18, 2008
CUC enters 28th year serving credit unions.
Apr 18, 2008
Adding to the ranks
Users of CUC’s OFAC processing get a lot of bang for their buck. The list of automated checks is growing by the day. We often hear shocked surprise when folks are told of all we review.
To start, our system can do a full scan of a SDN file every time a new one is available. This reviews all of the names in the system on shares and loans. Then Freedom3 will scan every new name added, or changed while opening or maintaining accounts.
The system will also scan over the counter transactions such as member check withdrawals, general ledger checks, and cashier’s checks. The payee names for each are verified against the most current SDN list.
ACH company names are also reviewed during the load process. This creates a positive verification report of any matches.
If you just have a name you would like to check, you can use the “Individual Name Inquiry” option on the OFAC menu. This will provide positive verification of any name that you type into the screen.
What about Accounts Payable, or Investment Tracking? Sure, they are scanned as well.
Again, the depth of CUC’s OFAC processing is very deep. The nice thing is that it is still growing by the day in the hopes of keeping your examiner happy when they make a visit.
Are you using Freedom3’s OFAC processing to your advantage? If not, let us know if we can help.