In order to make it easier to comply with OFAC's sanctions regulations, the office is now offering all of its non-SDN sanctions lists in a consolidated set of data files "the Consolidated Sanctions List". These consolidated files comply with all OFAC's existing data standards. In the future, if OFAC creates a new non-SDN style list, the office will add the new data associated with that list to these consolidated data files if appropriate. While the consolidated sanctions list data files are not part of OFAC's list of Specially Designated Nationals and Blocked Persons "the SDN List," the records in these consolidated files may also appear on the SDN List.
Information About OFAC's Sanctions List Search Tools
Hash Values for List Content Assurance
- SHA-256, SHA-384, and SHA-516 hash values for OFAC list files
Included in the Consolidated Sanctions List Data Files:
- Foreign Sanctions Evaders [FSE] List
- Sectoral Sanctions Identifications [SSI] List
- Palestinian Legislative Council [NS-PLC] list
- List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions [CAPTA List]
- Non-SDN Menu-Based Sanctions List [NS-MBS List]
- Non-SDN Chinese Military-Industrial Complex Companies List [NS-CMIC List]
ARCHIVED SANCTIONS LIST INFORMATION:
- The List of Foreign Financial Institutions Subject to Part 561 [the Part 561 List]
Guidance:
- Alias Screening for the names that appear in the Consolidated Sanctions List
- Definition of OFAC program tags
DATA CENTER - Consolidated List - formatted for information processing
OFAC has retired the DEL, PIP, and SDALL/CONSALL.ZIP files as of September 25, 2023. For more information on these file retirements, please see the prior notice from August 15, 2023: OFAC to retire PIP, DEL, and SDALL.ZIP file formats of the sanctions list on or about the week of September 18, 2023.
File NameDescriptionCONS_ADVANCED.XMLXML version of the SDN list that conforms to OFAC's advanced data standardCONSOLIDATED.XMLXML version of the Consolidated Sanctions listCONS_PRIM.FFfixed-width primary names on the Consolidated Sanctions ListCONS_ADD.FFfixed-width addresses [links to CONS_PRIM.FF and CONS_ALT.FF]CONS_ALT.FFfixed-width alternate [aka] names [links to CONS_ADD.FF and CONS_PRIM.FF]CONS_COMMENTS.FFfixed-width "spill over" files containing remarks data that exceeds the 1000 character limit in the CONS_PRIM.FF file. CONS_PRIM.CSVcomma delimited primary names on the Consolidated Sanctions ListCONS_ADD.CSVcomma delimited addresses [links to CONS_PRIM.CSV and CONS_ALT.CSV]CONS_ALT.CSVcomma delimited alternate [aka] names [links to CONS_ADD.CSV and CONS_PRIM.CSV]CONS_COMMENTS.CSVcomma delimited "spill over" files containing remarks data that exceeds the 1000 character limit in the CONS_PRIM.CSV file.
Consolidated List Data Specifications, Schemas and Technical Information:
- Data specification for ASCII Delimited, Fixed-Width and CSV data files
- Consolidated Sanctions List XML Schema [XSD file]
- Consolidated Sanctions List Advanced XML Schema [XSD file]
- Recent Changes to Data Formats and other Technical Corrections
Technical Support:
For Technical Support on all Sanctions List products please call 1-800-540-6322 and select Menu Option 3.
Across industries, digital transformation is democratizing data to enable greater transparency and better customer experiences. New technologies are opening up legacy systems to emerging startups and third parties and, in some cases, putting data directly in the hands of consumers.
In financial services, Banking-as-a-Service [BaaS] platforms have surfaced as a key component of open banking, in which firms provide more financial transparency options for account holders by opening their application programming interfaces [APIs] for third parties to develop new services.
Fintechs and digital banks have been encroaching on incumbent institutions in the banking game and disrupting traditional business models — but by moving into the BaaS space, tech-savvy legacy banks can turn this looming threat into an opportunity.
What is banking-as-a-service?
BaaS is an end-to-end model that allows digital banks and other third parties to connect with banks’ systems directly via APIs so they can build banking offerings on top of the providers’ regulated infrastructure, as well as unlock the open banking opportunity reshaping the global financial services landscape.
Tech-savvy legacy firms can fend off the encroaching threat of fintechs by moving into the BaaS space to share their data and infrastructure. In a matter of years, access to this level of information will become table stakes for digitally native customers — so banks that begin now will be ahead of the curve, and likely rewarded with high demand.
How does banking-as-a-service work?
The BaaS model begins with a fintech, digital bank, or other third-party provider [TPP] paying a fee to access the BaaS platform. The financial institution opens its APIs to the TPP, thereby granting access to the systems and information necessary to build new banking products or offer white label banking services.
In addition to getting ahead in open banking, legacy institutions that launch their own BaaS platforms are also opening up new revenue streams. The two main monetization strategies for BaaS include charging clients a monthly fee for access to the BaaS platform or charging a la carte for each service used.
Like what you’re reading? Click here to learn more about Insider Intelligence’s leading Financial Services research.
Top banking-as-a-service firms
Here are the top BaaS platform providers broken out into purely BaaS-focused fintech players and retail banks that have launched their own BaaS platforms:
Pure BaaS providers:
- solarisBank
- Bankable
- Treezor
- 11:FS Foundry
- Cambr
- ClearBank
BaaS providers with B2C operations:
- Starling Bank
- Fidor Bank
- BBVA
Banking-as-a-service industry outlook
A number of countries have already begun introducing open banking regulations, indicating that the financial services industry is moving toward an era where shared data and infrastructure will become consumers’ new expectations.
Tech-savvy legacy banks that create their own BaaS platforms now will not only get ahead of the open banking opportunity before their competitors, but also unlock a new stream of revenue by monetizing their platforms.
In the UK, the new revenue potential generated through open banking-enabled small- and medium-sized business and retail customer propositions was £500 million [$700 million] in 2018, per PwC — and Insider Intelligence expects that to grow at a 25% compound annual growth rate to reach £1.9 billion [$2 billion] by 2024.