CU*Answers, the 100% credit union-owned, cooperative CUSO announced today that it is upgrading its OFAC scanning feature as a standard part of its CU*BASE® core data processing platform. Starting on July 22nd, when the database is scanned as part of regularly scheduled OFAC reporting, the database will also be scanned and compared to the Foreign Sanctions Evaders (FSE) list. This will create a separate report to help identify which list any potential matches may appear on.
“This is just another example of the power of credit unions owning their data processing partner—we are implementing this regulatory feature at no cost to our credit unions,” said Scott Page, EVP of CU*Answers. “In a future update, we will also implement this feature to allow for FSE scanning during single-name searches, such as during account opening.”