Transactional and Portfolio Sweep

Security Alert Transactional Service provides individual customer name verification against the OFAC¹ and OSFI² databases and is commonly deployed in departments that process daily monetary transactions (claims, refunds, etc.), conduct policy changes (owners, beneficiaries, payors, etc.) and for business not typically submitted for an MIB check including annuities, guaranteed issue, AD & D, etc. It runs on all current MIB communications platforms either as a single-entry system via the Internet or on a fully automated basis (anytime batches) from your company's Mainframe or LAN.

As an outsource solution, it significantly reduces demands on IT staff, lowering your total cost of ownership and operation. MIB's time-tested, proprietary name search technology provides optimal performance balancing find probabilities while minimizing false positives thereby reducing expensive due diligence.

Security Alert Portfolio Sweeps accurately processes a high volume of individual customer names (from thousands to millions) associated with an entire block of in-force business. Customer records are submitted to MIB in common formats for scanning and verification (specs on PDF datasheet). Results are returned on CD-ROM providing summary data, an audit file of all records searched and a list of potential matches. Match records are hyperlinked to the corresponding government web site enabling research of all known details, or can be referenced with MIB's web-based Look-up Utility. Portfolio Sweeps can be run on a periodic basis, determined by your company's compliance strategy to capture any list updates that are automatically added to the database.

Security Alert Services provide daily updates of both the OFAC and OSFI lists, assuring your transactional searches contain the most up-to-date information. It is recommended that portfolio sweeps be run periodically to capture all list updates.

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