Overview
On September 11, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an Interim Final Rule, effective March 12, 2025, extending the general record-keeping requirement from five years to ten years.
To ensure full compliance with this updated regulation, Glide is extending its data retention policies to align with the new 10-year requirement. This includes maintaining access to OFAC-related records for the required period. Additionally, Glide is collaborating with Plaid to ensure that customer account data remains active in the Plaid system in accordance with these updated retention rules.
New Fraud Check Export Features
To streamline compliance and enhance fraud monitoring, Glide is introducing an automated Fraud Check Export feature. This enhancement will:
• Automatically generate a PDF containing relevant Plaid IDV and/or Plaid Monitor data upon application submission.
• Attach the export to the applicant’s documents table within the staff dashboard.
• Follow Glide’s existing document upload process by storing all documents in the financial institution’s SFTP server.
Launch Date: Glide will begin generating and sending the Fraud Check Export on March 12, 2025.
Example Fraud Check PDF
Document Storage and File Mapping
Glide has established default logic configurations to map the Fraud Check Export to various document storage systems. If you require adjustments to these configurations, please reach out to your Customer Success Manager (CSM).
Storage Configurations by System
For FIs using Synergy:
• The document name (<DocName>) and type (<Type>) will appear as “OFAC” in the XML companion file.
For FIs using Laserfiche:
• The document will be named in the following format:
AccountNumber-LastName-UUID-OFAC.pdf
For FIs using Hyland OnBase/Nautilus:
• The new Fraud Check Export will be categorized under the “OFAC” document type, formatted according to your system’s current file-sending configuration.
For other document storage systems:
• If your system is not listed above, your CSM will reach out to coordinate custom file mapping.
Fraud Check Export Scenarios
A fraud check export PDF will be generated under the following conditions:
When the primary applicant submits their application, a PDF export is generated.
When additional roles are added, a separate PDF is generated for each new individual undergoing Plaid IDV and/or Plaid Monitor.
When a Plaid IDV retry occurs, if the primary applicant or any additional role undergoes a Plaid IDV retry, a new PDF will be generated.
Note: If a staff member selects “Skip Verification” on the dashboard, Plaid Monitor will run instead of the full Plaid IDV, but a PDF export will still be generated.
Future Enhancements
In the weeks following the March 12 launch, Glide will introduce additional enhancements to improve the readability and formatting of the Fraud Check Export. While the specific template may evolve, here’s an example of the expected format: