ISO Database Screens For Terrorists, Traffickers
NU Online News Service, Jan. 2, 4:16 p.m. EST?Insurance Services Office Inc. said it will be offering insurers a database service to screen out claims from thousands of persons identified by the government as terrorists and international narcotic traffickers, as well as countries identified as rogue foreign states.
ISO, based in Jersey City, N.J., said the system will help property-casualty insurers comply with the U.S. government sanctions program administered by the Office of Foreign Assets Control in the Treasury Department.
OFAC oversees U.S. foreign policy and national security goals against targeted foreign countries, drug runners, terrorists and those involved with spreading weapons of mass destruction.
ISO expects to introduce the service in the next three months, according to Richard P. Boehning, senior vice president of ISO.
Mr. Boehning said ISO customers "have requested us to help them comply with U.S. government sanctions programs. We are now working to develop the capability to check claims information in the ISO ClaimSearch system to identify organizations or individuals that may be on the OFAC lists."
ISO noted that U.S. sanctions not only target specific countries and their regimes, but also their closely aligned organizations, front companies, high-ranking officials and other agents worldwide.
OFAC has identified and named numerous foreign agents and front organizations, as well as terrorists and narcotics traffickers, as "Specially Designated Nationals and Blocked Persons."
ISO said there are over 5,000 variations on names of individuals, government entities, companies and merchant vessels that are on the government's master list.
The firm noted that all U.S. insurance companies and their officers and directors are accountable for violations of sanctions, which are punishable with up to 12 years in prison and $1 million in fines as well as civil penalties.
ISO said it also plans to expand the service beyond checking claims submissions to offer the ability to check other lists, such as policyholder lists .
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