Compliance software. (Technology Tools).

Bottomline Technologies has released WebSeries OFAC (Office of Foreign Asset Control), a new application module of its Web-based Universal Payment Engine that can spare organizations up to $1 million in fines and jail time by helping them comply with the Patriot Act, new legislation that bars organizations from conducting transactions with known terrorists.

The Portsmouth, N.H., company says WebSeries OFAC automatically matches all of an organization's transactions against the list of terrorists and dangerous entities that OFAC publishes, and red-flags any suspicious payments. It also provides an audit trail of every transaction so that organizations can prove they're complying with the Patriot Act, which took effect in late April in response to 9/11.

The act broadened the federal government's oversight of anti-terrorist measures, including enhanced surveillance powers and more intense scrutiny of financial transactions. It extends the scope of existing antimoney laundering legislation beyond financial institutions to include insurance companies, pawnbrokers, travel agencies, auto dealers, casinos and other organizations that may not know they have to comply.

For those organizations not prepared to manually check the OFAC list (updated daily), WebSeries OFAC automates compliance by tracking transactions against the list, and letting organizations know when they need to monitor or stop a payment. The software allows organizations to roll out transaction monitoring to branch offices, which have been most vulnerable to questionable transactions in the past.

WebSeries OFAC automatically tracks all types of transactions at the enterprise level -- including Fedwire, SWIFT, ACH (automated clearing house) and check payments -- against the OFAC list. Most banks only match their Fedwire and SWIFT payments.

Web: www.bottomline.com