12/17/2023
How do we recall a bank-to-bank transfer that was unauthorized? We are the ODFI.
10/16/2022
When an incoming wire comes in through a bank or the Fedwire, is our receiving bank required to do an OFAC check? Don't bankers and Fedwire procedures include OFAC checks on them before the wire is sent?
06/26/2022
Can an authorized signer on a checking account receive a wire transfer payable to them into that account?
11/07/2021
Shall we return a wire sent from Russia when the originator is not on SDN but the originator's bank, SBERBANK is on the e Sectoral Sanctions Identifications List?
10/31/2021
We have a customer who wants to wire money to Pakistan. I don't understand the sanctions list. If there is a list of entities shown, does that mean that we shouldn't send the wire? Is the sanctions list specifically for individuals or countries?
10/31/2021
How do I handle Part III of a CTR if part of the withdrawal was at a branch and the other part was through an ATM at another location? The total cash amount exceeded $10,000.00 in one day.
10/31/2021
We have a customer who wants to wire money to Pakistan. I don't understand the sanctions list. If there is a list of entities shown, does that mean that we shouldn't send the wire? Is the sanctions list specifically for individuals or countries?
09/12/2021
Regarding OFAC compliance, should my 314a scans of wire activity include both domestic and international wires or just foreign wires sent or received?
09/29/2019
We are a de novo bank and our BSA officer mentioned that it was "recommended" by FDIC regulators that banks need to check their
correspondent banks on OFAC anytime they send or receive a wire from them. To me this seems pointless and quite excessive. We send/receive wires
through PCBB and I can't see us needing to check OFAC lists for their name daily. Is this really necessary?
09/08/2019
We suspect a customer is being used as a mule and recently received a large ACH credit. The next day, he wanted to send an international wire with the
proceeds from the credit. His explanation of where the funds came from and what they are being used for has changed several times; therefore, we froze
the account and have the funds from the ACH credit on hold. Since we suspect he received the funds fraudulently, are we under any obligation to
release these to our customer?