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#2080383 - 05/25/16 06:12 PM OFAC-Transactions which may benefit a sanctioned
Daisy Doodle Offline
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Joined: Feb 2014
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Southern U.S.
So, if we receive a request to wire funds to a company in the Middle East, other than searching all names for an OFAC hit, are we supposed to attempt to establish that the wire would in no way benefit someone in a sanctioned country, such as Syria? Do other banks try to do this level of due diligence?

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#2080490 - 05/26/16 02:32 AM Re: OFAC-Transactions which may benefit a sanctioned Daisy Doodle
rlcarey Offline
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rlcarey
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Galveston, TX
I would assume that if you have customers that attempt such wires that normally aren't involved is such transactions that you would ask a series of questions at the time the wire order is placed to get a comfort of the legitimacy prior to accepting the order. It is just a matter of basic due diligence. I would not limit this to the Middle East.
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#2080526 - 05/26/16 12:50 PM Re: OFAC-Transactions which may benefit a sanctioned Daisy Doodle
Daisy Doodle Offline
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Joined: Feb 2014
Posts: 1,030
Southern U.S.
Right, but I'm talking about any attempt to learn who owns a business that the wire is benefitting.

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