FAQ - Security Alert Services - MIB Solutions, Inc.

Why do I need this?
Businesses found in violation of legal obligations under federal laws such as the USA PATRIOT Act, regulations issued by the U.S. Treasury's Office of Financial Assets Control (OFAC) and Canada's Office of the Superintendent of Financial Institutions (OSFI) are subject to substantial corporate and executive fines and jail penalties. All insurance and financial services companies (MIB members and non-members) are mandated by law to comply with these regulations that prohibit firms from doing business with "sanctioned" individuals and/or entities. This includes but is not limited to companies writing Life, Health, Annuities, Disability, LTC, and Property and Casualty.

P & C insurers were recently exempted from the USA PATRIOT Act. However they remain legally responsible under OFAC regulations to consistently check all customers to ensure they are not engaged in transactions with Specifically Designated Nationals (SDN) who appear on the OFAC list; and to immediately report any and all infractions to the U.S. Treasury Department.

Any individual that is listed as a customer of your firm including applicants, policyowners, beneficiaries, payors or any individual, business or trust that financially "touches" a policy or financial services offering, or could benefit from proceeds, be it from claim payments, annuity payments, loans or any other transaction.

Allows a company to verify names from an entire book of business against the OFAC and/or OSFI "sanctioned parties" list on a periodic basis by submitting electronic customer files to MIB for scanning. Leverages the accuracy of MIB's unique, time-tested name search capability. This information serves as an alert so that the company can investigate further.

MIB accepts several electronic data formats on various media for portfolio sweeps. Specifications are detailed on the PDF fact sheet, which may be downloaded, or by calling us at 781-751-6330.

Provides individual company departments with access to MIB's OFAC/OSFI "sanctioned parties" database for verification of individual customer names either one-at-a-time via WEB-TERM or MIB-TERM, or on an automated batch basis through MIB-LINK/Plus or WEB-DIRECT for LANs and Mainframes respectively (communications software can be licensed from MIB). Leverages the accuracy of MIB's unique, time-tested name search capability. This information serves as an alert so that the company can investigate further.

No, this service is ideal for other departments like the Policy Change Department, Claims Department, Beneficiary, Ownership and Policy Loan Departments or any department that deals with applicants, policyowners, beneficiaries, payors or any individual, who financially "touches" a policy or other financial services offering, or could benefit from proceeds, be it from claim payments, annuity payments, loans or any other transaction.

The Entity Look-up Tool is a web-based utility that provides the user with a descending alpha-sort listing of all "sanctioned" businesses and trusts (entities) on the OFAC and OSFI list. It is used as a companion to Security Alert Transactional and Portfolio Sweep Services which search for individual name verification only. It is available as a manual look-up tool on the Security Alert Services page or as a Web Service for automated searches deployed on a LAN or Mainframe.

No, these electronic transactional and portfolio sweeps do not require you to have a pre-notice or completed authorization to check a name, as you do when checking the MIB Impairment Database. This service accesses a separate database containing only the names from the OFAC and OSFI lists, which is public information. Every company department is extended access to Security Alert Transactional Services.

An MIB representative would be pleased to answer any questions you may have by contacting us at 781-751-6330, or emailing info@mibsolutions.com. PDF data sheets may be downloaded detailing Security Alert Transaction and Portfolio Sweep Services.

Security Alert Transactional and Portfolio Sweep Service is a cost-effective outsource and ASP solution to the OFAC & OSFI mandates using MIB's powerful name-search technology and is perfect for companies with a customer base that includes a limited number of businesses and trusts (entities). The transactional service is delivered via any Internet connected PC and provides one-up violation filtering for daily checking at activity points like policyholder changes, underwriting and claims. Provided on an outsource basis, Portfolio Sweeps are designed to review an entire book of business regularly capturing dynamic changes to the OFAC & OSFI lists. MIB members can use existing connectivity for automatic, comprehensive filtering of all customer records that pass through their data systems. Design your own compliance strategy with this multi-tiered offering.