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Catalyst Corporate Offers New OFAC Screening Service for Incoming Wires

by Catalyst Corporate | Feb 08, 2021

Catalyst Corporate announces the availability of a new OFAC Screening Service for Incoming Wires. This new service complements Catalyst Corporate’s existing OFAC Screening Service for Outgoing Wires to provide credit unions a complete solution for OFAC regulatory compliance.

“Not complying with OFAC rules can potentially lead to costly penalties and can carry regulatory and reputational risks,” said Justin Lutes, Catalyst Corporate’s Vice President of Correspondent Services. “With Catalyst Corporate’s combined screening services for incoming and outgoing wires, the need for accessing an external OFAC scanning source is eliminated. Credit unions can perform their due diligence without ever leaving TranZact.”

The new, automated service screens incoming wires for matches with the Office of Foreign Asset Control’s Specially Designated Nationals or Blocked Persons (SDN) list. Matches, or “hits,” are reflected in TranZact, where credit unions can review and decision those wires. Wire decisions, once made, are logged with the wire in TranZact, where they may be easily viewed by authorized credit union employees.

The service is offered at a nominal monthly price.

To activate one, or both, of these optional OFAC wire screening services, simply navigate to CU Settings within TranZact.

Catalyst Corporate’s secure wire services include domestic and international wire transfers (both FX and USD), Western Union and wire contingency support. For more information, or OFAC screening activation assistance, contact us today.