Electronic Payments Network To Screen ForMoney Laundering

Register now

NEW YORK - (10/18/05) -- The Clearing House Payments Co. LLCsaid Monday its Electronic Payments Network unit has introduced theindustry's first system that will automatically screen cross-borderACH transactions for compliance with the anti-money laundering andterrorism requirements of the Office of Foreign Assets Controlrules. The centralized OFAC screening service is a web-based systemthat requires no custom software installation or individualmaintenance. The OFAC solution is part of EPNWATCH, a suite ofrisk-management services from EPN that includes fraud detection,employee fingerprinting, credit and debit controls, and theUniversal Payment Identification Code, used for merchanttransactions. The Clearing House Payments Co. is owned by thelargest banks in the world.

For reprint and licensing requests for this article, click here.