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OFAC & Corporate Signers
Answer by John Burnett, BOL Guru
Guru Bios
Question: Is there a regulation that states signers on a corporation do not need to be checked against OFAC?
Answer: There simply are no regulations that specify what must be checked to prevent an infraction of the OFAC regulations. All such "rules" are self-imposed by businesses (and individuals) who weigh the risk of an infraction against the cost and inconvenience of checking the names of parties against the OFAC-managed Specially Designated Nationals (SDN) list.
When an institution chooses to check the names of corporate signers against the SDN list, they have decided, one must assume, that the process can mitigate a risk of violating the OFAC rules against transacting business with persons on the list.
First published on BankersOnline.com 4/28/08
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