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.

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!

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.

I agree with previous posters, call OFAC. You don't want to turn away a potentially good customer due to a false match!