Should a bank run an OFAC check for both incoming and outgoing wires? Also, should the receiving/sending bank be checked (e.g. if one of your customers sends a wire to another individual whose account is with Chase do you OFAC the two individuals only or do you need to check Chase as well)?
#1169079 - 04/23/0906:04 PMRe: OFAC for Wire Transfers JDMPAM
AuditorK
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Posts: 962
PA
The decision of who to run against the OFAC list is a matter of your bank's risk assessment. I believe that most, if not all, banks run every name in a wire record (individual, entity, bank) against the OFAC list to be on the safe side.