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#358154 - 05/11/05 01:58 PM OFAC Hit???
Anonymous
Unregistered

This is the first time I have run into this....I have an account(an insurance co.) which through ACH was debited by another insurance co. The discretionary data on the debit has a name that "matches" (first and last name) one on the OFAC list. It showed up when I ran my OFAC report this morning. How do I verify any information on this person since it is coming from a third party? Due to the nature of OFAC confidentiality am I able to contact my customer to get more details? Any help is appreciated. Thanks!

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#358155 - 05/11/05 03:10 PM Re: OFAC Hit???
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
You can discuss it with your customer. OFAC is not confidential. The lists are public so that everyone can check them to ensure they do not do business with anyone on the list.

I would ask the third party customer if they have an OFAC process. Non-bank's have been fined under OFAC.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#358156 - 05/11/05 03:21 PM Re: OFAC Hit???
Anonymous
Unregistered

Thank-you Kaybee! Your right....314(b) is the "secretive" one...my head is still in a fog this morning. We just came through an exam and did very well under BSA...I want to make sure we stay that way.

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