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#22850 - 07/08/02 02:37 PM OFAC

I am new to dealing with OFAC and need some help. We had a customer that applied for a loan show up on the OFAC hit. He was from Cuba. My understanding is that we should not do any business with this customer. Is this correct? Thanks.

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Lending Compliance
#22851 - 07/08/02 03:06 PM Re: OFAC
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
If your customer is indeed one and the same individual that appears on the OFAC list, you should not do business with him. However, in my experience I have seen a lot of name matches that turned out to be not the OFAC listed person. Call OFAC!
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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#22852 - 07/08/02 07:33 PM Re: OFAC
Andy_Z Online
10K Club
Joined: Oct 2000
Posts: 27,735
On the Net
First, congrats of a good system. Catching it before funding is a very good thing.

If he is from Cuba, you are closer to a true hit than we have been and many other posters here. Verify if it is one in the same before you fund. Otherwise, the payments coming back to you may have to be put into a blocked account.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#22853 - 07/08/02 09:14 PM Re: OFAC
MRJ Offline
100 Club
Joined: Jun 2001
Posts: 174
I agree with previous posters, call OFAC. You don't want to turn away a potentially good customer due to a false match!
This is not a legal opinion or that of my employer.

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