Tell it Bonnie, say it loud!
Over the last few years OFAC has ramped up from being the acronym nobody ever heard of to the biggest waste of time and resources in the industry. I have no choice but to continue saying that it's "risk based," but the reality is that it's paranoia based.
Banks can be told they need to look at people sending and receiving wire transfers, publicly traded companies opening new accounts, vendors, checks cashed over the counter, cashiers checks, real estate sellers, and perhaps now to monitor whether Circuit City checks its buyer before it delivers that big screen. (Frankly, I see no reason why banks should not be told they need to check payees on inclearing items.) The "advice" can be profoundly stupid, as would be the case in the preceding parentheical, but there is no way to counter it because the whole thing is so vague.
OFAC's like the old movie "The Blob," it just keeps spreading out...
Last edited by Ken_Pegasus; 05/04/05 12:16 PM.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.