The Electronic Payments Network, the automated clearing house business of The Clearing House Payments Company, announced the industry’s first centralized OFAC screening solution for financial institutions that will send and receive cross-border ACH transactions.
The web-based software is meant to assist financial institutions in fulfilling their compliance requirements for cross-border ACH transactions, keeping in line with regulations issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). OFAC Screening is available to all financial institutions in the United States, and the new software does not require custom installation or individual maintenance.
“EPN’s OFAC Screening provides a cost-effective solution for financial institutions of all sizes to manage their cross-border ACH traffic,” said Rossana Salaris, senior vice president of The Clearing House, responsible for the Electronics Payment Network.