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#2233746 - 03/26/20 08:49 PM OFAC Mismatch
CSB98 Offline
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Joined: Dec 2003
Posts: 1,236
Wisconsin
We have a customer who's name is somewhat similar to a name on the PEP list, but is a false positive. It happens to be the parent to one of our employees. They want to know if there is a way to get their name reported as a "false positive" so that doesn't keep showing up on account opening searches. I don't know if there is such a thing, but thought I would ask.

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#2233748 - 03/26/20 08:52 PM Re: OFAC Mismatch CSB98
rlcarey Offline
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rlcarey
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Galveston, TX
Reported where? PEP lists come a variety of sources and there is no "official" list.
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#2233749 - 03/26/20 08:54 PM Re: OFAC Mismatch CSB98
CSB98 Offline
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Wisconsin
It came through on a Qualifile/Chexsystems report. It says right on there Enhanced Politically Exposed Person and they gives all the relevant information.

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#2233750 - 03/26/20 08:57 PM Re: OFAC Mismatch CSB98
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,548
Galveston, TX
Ask Qualifile/ChexSystems were the list comes from. It is not the government. I doubt Qualifile/ChexSystems excepts anything regarding false matches.
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#2233751 - 03/26/20 09:03 PM Re: OFAC Mismatch CSB98
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,067
Illinois
The thread title is misleading. The OFAC list is a list of person, entities, vessels, etc. that the United States has sanctioned that no U.S. person perform transactions for or engage in transactions with.

A Politically Exposed Person is a government official or close associate of a government official. There are no prohibitions against opening accounts for PEPs, but you should have appropriate policies and procedures for due diligence. In the case of a false positive when opening an account, how many accounts is this person opening and why would this show up more than just when your performing a Chexsystems review of that person?

And to Randy's point, I don't think Chexsystems is going to alter their proprietary algorithm for name matching to appease an employee of one bank.
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