Is Your State Funding Terrorism? Nik Divakaruni Account Executive Mike Yeschek Account Manager.

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Presentation transcript:

Is Your State Funding Terrorism? Nik Divakaruni Account Executive Mike Yeschek Account Manager

LexisNexis Overview Largest online collection of legal, news, business and public records in the US Trusted Government Partner for over 30 years 18,000 databases, containing over 36,000 news, business, public record and legal sources Over 4 billion individual documents, 7 million documents added every week Over 4 million customers in 160 countries around the world Over 65 million individual searches per month

State & Local Government Initiatives OFAC Sexual Predators Law Enforcement Improper Payment Tax Collection Child Support Voter Registration

OFAC Overview What is OFAC? Office of Foreign Asset Control (OFAC) sits within the United States Department of Treasury Administers and enforces economic and trade sanctions congruent with US Foreign Policy and National Security initiatives OFAC list is a list of individuals and businesses that the Department of Treasury deems dangerous to national security List is updated regularly

OFAC Overview All Federal and State Government, and U.S. based businesses must comply with OFAC requirements Reasons why individuals or businesses are on the list include but not limited to: –Ties to known terrorists –Narcotics trafficking –Ties to proliferation of Weapons of Mass Destruction (WMD) Any State Government agency that pays, or otherwise supports, a person or business on the OFAC list is in violation of federal regulations

Violations and Penalties Simply having any OFAC-identified person or business on the government’s payee list, can result in: –Up to TWO years of jail time –Fines for the agency up to $1,000,000 PER PAYMENT Even intent to pay an OFAC-identified person or business could result in significant sanctions

What can you do to get your agency under compliance?

Things to Look For in an OFAC Solution Fast, reliable matching of your payee file against an UPDATED copy of the OFAC list Additional verification tools to allow for false positive elimination Possible matching against other international watchlists – to ensure complete security of State Agency

QUESTIONS?

OFAC Statute