OFAC screening for lenders: check borrowers and loan parties

Map the loan to its legal parties

Use SanctionsKit at the application, funding or other checkpoint your lending procedure requires. List each borrower, co-borrower, guarantor and other required party. A business borrower and the person submitting the form are separate identities.

Keep the loan reference and party roles in the loan system. Screening supplies one piece of the file. It does not assess income, collateral, creditworthiness or eligibility for the loan.

Run the check and save its party reference

Open New screening. Use fictional borrowers in Sandbox for testing and authorized Production coverage for real work. Enter the legal name, type and reliable identifiers. Preserve a year-only birth date as a year.

Create a saved profile for future checks or inspect an existing one. Put the party ID in External reference. Apply the approved Source coverage policy and Run screening. Save the result against the specific loan party; names alone are not a reliable way to join records.

Give the analyst the original comparison

In the Review queue, compare every candidate's identifying facts. A reliable conflicting date may help, but a missing date is unknown. Record each finding and reason, then complete outside checks and approval by a second person when required.

Keep the identity finding separate from the loan decision by the person with that role. A no-match is limited to the supplied facts and source scope. A failed request or required-source outage leaves this part of the loan file incomplete.

Handle a new guarantor or corrected borrower

If a fictional commercial loan gains a guarantor after application review, screen that person separately and link the new result to the loan. The borrower's earlier result cannot cover the guarantor.

Correct saved identities through Counterparties and run the required new comparison. Past evidence stays unchanged, and linked monitors need reconciliation. For an open case, use the correction workflow to preserve the relationship between original and replacement results.

Prepare the funding and servicing handoff

Before the agreed funding step, reconcile the roster with results, open cases and failures. Export retained records through evidence documentation and keep the reference with the loan. Originals stay in approved external storage.

Use Monitoring for subjects your policy says to check again and assign follow-up. These checks rescreen identity; they do not monitor payment performance or refresh income. Use the approved retention trigger rather than assuming loan closing and case closure are the same event.

Frequently asked questions