Source Technologies and Attus Technologies have reached an agreement under which the firms will offer USA Patriot Act and OFAC services to financial institutions.
OFAC stands for Office of Foreign Assets Control.
Source Technologies said it will offer software solutions from Attus that are designed to provide OFAC interdiction services and monitor bank transactions as required by the Patriot Act, which was passed following the 9-11-01 terrorist attacks.
Source Technologies provides electronic forms and check printing solutions.
“Federal law requires our clients take steps to prevent any business transactions with terrorists and others named on US Treasury watch lists. With over 5,000 individuals and business entities on a constantly changing list — you can’t do this manually,” said Miles Busby, president of Source Technologies, in a statement. He said incorporating Attus solutions into Source products would help “our clients to meet federal compliance.”
Source Technologies: www.sourcetech.com