Bottomline Technologies, a developer of financial services software, debuted an application module yesterday that the company said helps organizations avoid fines of up to $1 million incurred for violations of the USA Patriot Act.
The Patriot Act, which bars organizations from doing business with known terrorists, takes effect tomorrow. Bottomline Technologies said its WebSeries OFAC automatically matches an organization's transactions against a list of terrorists and terrorist organizations published by the Office of Foreign Asset Control, or OFAC. The Web-based software automatically flags any suspicious transactions or payments and provides an audit trail of each transaction.
The WebSeries OFAC compliance system automatically tracks all types of transactions at the enterprise level, including Fedwire, SWIFT and Automated Clearing House electronic payments. While most financial institutions only check their Fedwire and SWIFT payments against OFAC, WebSeries OFAC lets them also check transactions against checks and ACH payments.