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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 which provide 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