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#1793940 - 03/12/13 07:55 PM Removed from OFAC SDN List - Releasing Funds
AUTigers65 Offline
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Joined: May 2006
Posts: 57
Does anyone have any experience with what to do if you have funds that have been frozen based on the customer's addition to the OFAC SDN List - but then that person is REMOVED (by OFAC) from the List? Do you simply release the funds to the person, by standard bank process, and that's the end of it? No Forms to fill out, no Licenses to renew or apply for, etc.? What if the funds are from frozen loan payments, which seems to further complicate matters? Thanks to anyone that is willing to share your advice!

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#1794042 - 03/13/13 12:57 AM Re: Removed from OFAC SDN List - Releasing Funds AUTigers65
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Call them and ask what you should do.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1794179 - 03/13/13 03:48 PM Re: Removed from OFAC SDN List - Releasing Funds AUTigers65
Little Miss BSA Offline
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Little Miss BSA
Joined: May 2007
Posts: 1,185
Miami
I wouldn't do anything without contacting them first...
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"Never allow someone to be your priority while allowing yourself to be their option!"

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#1794274 - 03/13/13 05:53 PM Re: Removed from OFAC SDN List - Releasing Funds AUTigers65
AUTigers65 Offline
Member
Joined: May 2006
Posts: 57
Sorry... I should have made it clear that previous contacts with OFAC on this have been made. And the guidance was to just release the funds. Nothing else needed. No Forms, no Licenses, no questions asked. That just seemed a bit bizarre considering all of the Forms, Licenses, and constant monitoring that is required while the entity IS on the List. It's basically the equivalent of "you're free to go now". We'll certainly follow OFAC's guidance. I was just hoping that someone else that has gone through it would chime in and increase the confidence level of how to handle it.

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#1794291 - 03/13/13 06:10 PM Re: Removed from OFAC SDN List - Releasing Funds AUTigers65
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Once they are off the list, they are off the list.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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