FEDERAL CREDIT UNION COB: BSA/OFAC/MIP SECTION: F OFFICE OF FOREIGN ASSETS CONTROL (OFAC) Objective: To determine if controls are in place to ensure compliance with OFAC. W/P REF. AUDITOR Determine if the credit union maintains a list of prohibited countries, entities and individuals. Verify accuracy of current listing. Confirm most current date that established accounts and other member transactions were compared periodically with the current OFAC listing. Ensure verification was performed on a regular basis. Determine if a list of false positive matches is maintained. Test to ensure OFAC software accurately reports accounts/transactions for individuals on SDN list.
FEDERAL CREDIT UNION COB: BSA/OFAC/MIP SECTION: F OFFICE OF FOREIGN ASSETS CONTROL (OFAC) Objective: To determine if controls are in place to ensure compliance with OFAC. Determine if the credit union maintains a list of prohibited countries, entities and individuals. Verify accuracy of current listing. Confirm most current date that established accounts and other member transactions were compared periodically with the current OFAC listing. Ensure verification was performed on a regular basis. Determine if a list of false positive matches is maintained. Test to ensure OFAC software accurately reports accounts/transactions for individuals on SDN list. W/P REF. AUDITOR
BSA-OFAC-MIP.docx