OFAC Hits

According to Stevenson Munro, the most common question he gets at OFAC is what to do when an institution finds a good hit on the OFAC list. He explained to the ABA/ABA's Anti-Money Laundering Conference audience conference that the best thing to do is get as much information as you can about the customer (and, sometimes, the transaction) and then call OFAC. He urges you to pull the information together first. Doing so will save time for you and OFAC. OFAC will work with you to make a determination about the hit. And a note from the editor: when you call staff at OFAC, remember that they too are overworked. Make the process as easy as possible for both of you.

Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 11, 11/03