Is a FI expected to determine "beneficial ownership" on either side of a transaction. In other words if an FI receives a wire and then sends out a related wire from and to law firms handling a large sale of a vessel is the FI obligated to identify the actual seller and purchaser of the vessel? All comment appreciated.

Beneficial ownership covers accounts opened at the bank, not parties on wire transfers.

However, anytime you run across a transaction that leaves you feeling like a dog with peanut butter stuck to the roof of your mouth, you are more than welcome and probably obligated to ask additional questions.

There are vessels on the OFAC list you know.........