Service v. OFAC?
In case you thought that their might be a conflict about providing banking services to persons from overseas, including embassies and diplomats, the Department of the Treasury has issued a statement saying that it isn't so. While strict compliance with OFAC, BSA and the USA PATRIOT Act is expected, U.S. banks are also expected to provide "appropriate services" to embassies, foreign governments and their representatives. In short, don't over-comply by refusing to deal with non-citizens or with representatives of foreign governments - unless they are on the OFAC list.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 6, 6/04
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