Thread Options
#2258776 - 08/26/21 03:03 PM Possible Teller OFAC Hit
terpsfan Offline
Diamond Poster
Joined: Feb 2007
Posts: 1,926
If we have a possible OFAC hit can we tell the customer that we have to review the OFAC information before we can process the transaction?

Return to Top
BSA/AML/CIP/OFAC Forum
#2258778 - 08/26/21 03:13 PM Re: Possible Teller OFAC Hit terpsfan
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 3,990
New York City
There is nothing confidential about OFAC. However, I would be very careful about how this is communicated and I'm not sure that a teller is the appropriate resource to have this discussion with a client.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
#2258832 - 08/27/21 11:00 AM Re: Possible Teller OFAC Hit terpsfan
terpsfan Offline
Diamond Poster
Joined: Feb 2007
Posts: 1,926
Pretty much all cases these end up being false positives but they take a little more time to make this determination. What is the best way to communicate to the customer that they need to wait for us to make this determination without mentioning OFAC?

Return to Top
#2258964 - 08/30/21 10:18 PM Re: Possible Teller OFAC Hit terpsfan
Justin Case Offline
Platinum Poster
Justin Case
Joined: May 2002
Posts: 971
first lily pad on the right
I don't think you have to avoid mentioning OFAC. I just think the tellers need to guided on how to have the conversation. I would imagine you require some identification from the person conducting the transaction, regardless of a potential OFAC match. If the tellers are trained properly, I don't think that addressing a potential OFAC match would significantly impact the transaction processing time.
_________________________
CAMS

Return to Top

Moderator:  Andy_Z