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#1966121 - 10/01/14 04:46 PM OFAC Check on POA, etc
tbyrdnash Offline
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Joined: Sep 2014
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Should you run an OFAC on a POA and a co-trustee?

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BSA/AML/CIP/OFAC Forum
#1966135 - 10/01/14 05:17 PM Re: OFAC Check on POA, etc tbyrdnash
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
OFAC is a risk based process. Your OFAC risk assessment should address all endpoints at which transactions may occur through your bank and all parties may be involved in those transactions. The bank then determines the level of risk the bank wants to accept.

Or, I could just say yes or no, take your pick if that makes you feel any better. There are no right or wrong answers.
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#1966220 - 10/01/14 06:57 PM Re: OFAC Check on POA, etc tbyrdnash
NotDoneYet Offline
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NotDoneYet
Joined: Jul 2010
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PA
An OFAC check is conducted on anyone or any entity added to our core system. We found fewer "misses" when our policy is more encompassing. No thinking required. smile

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#1966327 - 10/01/14 09:06 PM Re: OFAC Check on POA, etc tbyrdnash
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
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Same here, we run OFAC on consumer or business being added to our core system.
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#1966345 - 10/01/14 09:26 PM Re: OFAC Check on POA, etc Sunshine Lady
Cape Codder Offline
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Ditto.
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#1969060 - 10/13/14 04:59 PM Re: OFAC Check on POA, etc tbyrdnash
tbyrdnash Offline
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Joined: Sep 2014
Posts: 4
Okay, thank you all for the replies.

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