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Is Your StateFunding Terrorism?
Nik DivakaruniAccount Executive
Mike YeschekAccount Manager
LexisNexis Overview
• Largest online collection of legal, news, business and public records in the US
• Trusted Government Partner for over 30 years
• 18,000 databases, containing over 36,000 news, business, public record and legal sources
• Over 4 billion individual documents, 7 million documents added every week
• Over 4 million customers in 160 countries around the world
• Over 65 million individual searches per month
State & Local Government Initiatives
• OFAC
• Sexual Predators
• Law Enforcement
• Improper Payment
• Tax Collection
• Child Support
• Voter Registration
OFAC Overview
What is OFAC?
• Office of Foreign Asset Control (OFAC) sits within the United States Department of Treasury
• Administers and enforces economic and trade sanctions congruent with US Foreign Policy and National Security initiatives
• OFAC list is a list of individuals and businesses that the Department of Treasury deems dangerous to national security
• List is updated regularly
OFAC Overview
• All Federal and State Government, and U.S. based businesses must comply with OFAC requirements
• Reasons why individuals or businesses are on the list include but not limited to:– Ties to known terrorists– Narcotics trafficking– Ties to proliferation of Weapons of Mass Destruction (WMD)
• Any State Government agency that pays, or otherwise supports, a person or business on the OFAC list is in violation of federal regulations
Violations and Penalties
• Simply having any OFAC-identified person or business on the government’s payee list, can result in:
– Up to TWO years of jail time– Fines for the agency up to $1,000,000 PER
PAYMENT• Even intent to pay an OFAC-identified person or business
could result in significant sanctions
What can you do to get your agency under compliance?
Things to Look For in anOFAC Solution
• Fast, reliable matching of your payee file against an UPDATED copy of the OFAC list
• Additional verification tools to allow for false positive elimination
• Possible matching against other international watchlists – to ensure complete security of State Agency
QUESTIONS?