Incoming Wire Hold
Question: Can we place a hold on an incoming wire?
Answer: No. Wires are treated like cash equivalents. When the wire arrives, the money has been moved. The sender of the wire cannot place a hold on it. There is one situation, however, when you might stop the funds. If either the sender or recipient is on the OFAC list, the wire would be an asset that you should block and freeze.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 3, 3/05
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