Update - OFAC
ChexSystems account verification service now also checks the OFAC (Office of Foreign Assets Control) list when they screen inquiries from client financial institutions.
No matter how you check the OFAC list, be sure that you are checking. It's one of the procedures the examiners are particularly looking for.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 4, 5/02
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