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#106400 - 08/14/03 07:42 PM OFAC-sending/receiving institution
JimK Offline
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Alexandria, VA
For a wire transfer it is clear that you must check the recipient of the wire against OFAC. Should an OFAC check also be done for the financial institution sending/receiving the wire transfer?
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#106401 - 08/14/03 08:26 PM Re: OFAC-sending/receiving institution
X Offline
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Quote:

For a wire transfer it is clear that you must check the recipient of the wire against OFAC. Should an OFAC check also be done for the financial institution sending/receiving the wire transfer?




No, as each financial institution that is on the wire network would be operating under the same rules as you are. It would be a little strange if our government listed a financial institution that has direct access to the wire networks.

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#106402 - 08/14/03 08:37 PM Re: OFAC-sending/receiving institution
Georgia Golfer Offline
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We don't think so either, but during our last external outsourced audit, they wrote up that we haven't been performing OFAC scans on the intermediary bank (IBB). This was argued over and over, but it stayed in the report. just some late afternoon food for thought.

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