CU*Answers, the West Michigan-based cooperative CUSO, recently announced that it will begin running weekly OFAC scans for all credit unions on its online data processing solution. Previously, credit unions would have to use a batch scan feature within the CU*BASE® platform to ensure they met with Patriot Act compliance. Beginning January 31st, CU*Answers will eliminate this need by performing the scans for its credit unions at no extra charge.
A CU*Answers representative indicated that the CU*BASE platform automatically scans against the OFAC list when necessary—for example, during membership opening and for International ACH Transactions—and that this simply replaces the need to scan the credit union’s entire member database as needed. They added that this is one more way in which CU*Answers is looking to ease the burden of compliance facing credit unions today.