2.14 OFAC Processing in Oracle Banking Retail Accounts

This topic describes the processing of OFAC in Oracle Banking Retail Accounts.

If a customer is identified as OFAC sanction hit - the OFAC data will report a match and the bank needs to freeze all the customer accounts for both transactions and modifications.

When an OFAC data match is reported for a customer or when an existing OFAC customer is removed from the sanction list in party management. A real-time freeze will be placed on the customer and the account restricting the customer to perform transactions/non-financial modifications.