When must OFAC checks be done?(MAILBOX)(Brief article) From: ABA Banking Journal | Date: February 1, 2008| Author: | COPYRIGHT 2008 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Q. We have been cited by our examiner for not performing Office of Foreign Asset Controls checks on account signers prior to opening the account. Our system screens new customers and accounts against the OFAC list overnight, and if we get any "hits," we act accordingly, and do not allow access to the funds until we make a determination about whether or not the "hit" is legitimate. We ore being told that this is not an acceptable practice.

A. On Sept. 10, 2002, OFAC answered a question on this exact topic: "Does a financial institution need to scan names against OFAC's list of ...

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