Under the laws administered by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), financial institutions, securities firms, and insurance companies are obligated to block or ‘freeze’ property and payment of any funds transfers or transactions involving any targeted foreign country or their agents, terrorism sponsoring agencies and organizations, and international narcotics traffickers based on U.S. foreign policy and national security objectives.
FACScreen uses TFP’s FACFilter® application and enriched OFAC Entity Database. Sanchez customers may make arrangements through the Sanchez outsourcing solution, Sanchez e-PROFILE®, or through their in-house solution, to supply TFP with a data file of customer account information. TFP will perform the data screening and provide a detailed report of matching suspect account holder information.
"FACScreen has proven to be a valuable addition to our slate of product offerings," said Steven Casiano, Sanchez vice president, Third Party Product Development. "We chose to partner with TFP in this effort because of their specific expertise and recognized leadership in helping customers meet their OFAC compliance needs."
