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Transactional

Provides companies with single data entry violation filtering from any Internet-connected PC. Gives those departments processing monetary transactions beyond underwriting the in-house capability to rapidly check the OFAC¹ and OSFI² databases for names involved in claims, refunds; policy changes: owners, beneficiaries, payors, etc. Allows multi-line carriers check business not typically submitted to the MIB Checking Service such as annuities, AD&D, guaranteed issue life, etc. Manual data entry connectivity with WEB-TERM, or automatic processing through WEB-DIRECT.

Portfolio Sweep

Outsource service lets companies periodically submit data files of names to MIB associated with an entire block of in-force business to batch check against OFAC and OSFI lists. Customer records are submitted in common, specified formats for scanning and verification. Results are returned on CD-ROM providing summary data, an audit file of all records searched and a list of potential matches. Matched names are hyperlinked to the OFAC or OSFI web sites or details can be referenced with MIB's Look-up Utility.

MIB's time-tested, proprietary name search technology provides optimal performance, balancing the probability of finding a code while minimizing false positives thereby reducing expensive due diligence.

Update Frequency

OFAC and OSFI data is updated daily assuring transactional searches provide the most up-to-date information.

¹ U.S. Treasury's Office of Foreign Assets Control
² Canada's Office of the Superintendent of Financial Institutions