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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