A system to securitize electronic funds transfers was developed by Joseph Madison Associates Inc.
Called the Foreign Asset Control System, the on-line system identifies embargoed countries (or specially designated nationals) and other blocked entities. It is available on a single personal computer or it can be integrated with existing transaction processing systems in a minicomputer or mainframe environment.
U.S. banks are obligated to block funds transfers and comply with regulations for the U.S. Treasury Office of Foreign Assets Control. Banks must maintain updated information through a variety of sources. A bank's failure to block illicit transfers can result in civil penalties. Joseph Madison gathers the data electronically from government sources. The system is available on a subscription basis, at approximately $1,200 annually.
Joseph Madison Associates is based in Lanesborough, Mass.