Describe in detail how the applicant proposes to comply with the laws administered by OFAC, including the following:
(a) The procedures for monitoring compliance by the applicant and by any agent of the applicant with the regulations of OFAC (Chapter V (commencing with Section 500) of Title 31 of the United States Code).
(b) If the system to match the names of persons on OFAC's lists of Specially Designated Nationals and Blocked Persons (“SDN”) will be automated:
(1) The name of the software to be utilized.
(2) A description of the software's capabilities in relation to monitoring compliance with OFAC regulations.
(3) Whether the software will reject a transaction involving a person on OFAC's lists or whether the software will block the person's funds.
(c) If the system to match the names of persons on OFAC's lists will be performed manually:
(1) A description of how the matching will be accomplished, taking into account the number of money transmission transactions the applicant anticipates it will handle on a daily basis and the number of persons on OFAC's lists.
(2) The identity of the officer or other employee of the applicant who will be primarily responsible for performing the matching.
(d) Whether the applicant intends to match all of its transactions, including the transactions of its agents, against all of the OFAC lists for SDNs (including Specially Designated Global Terrorists).
(e) The frequency of which transactions will be matched.
(f) The manner and frequency of incorporating updated OFAC lists into the applicant's matching system or procedures, including whether the applicant updates information through OFAC's web site.
(g) The procedures followed in the event that a person's name matches a name on OFAC's lists, including the manner in which the applicant will notify OFAC of such matches.
(h) Whether blocked funds are segregated from other funds of the applicant, and if so, whether a separate bank account will be used.
(1) A description of the records or other documentation evidencing the frequency of the matching.
(k) Describe in detail whether and in what manner the applicant will maintain computerized books and records with respect to its money transmission business in California, including records relating to the money transmission business conducted by agents.
(
l) Describe in detail whether and in what manner the applicant will utilize electronic data processing technology to record and maintain current information concerning its agents and branch offices of its agents.
Credits
Note: Authority cited: Sections 321, 334 and 2032, Financial Code. Reference: Section 2032, Financial Code.
1. New section filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 80.4118.10, 10 CA ADC § 80.4118.10
