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#350805 - 05/03/05 06:10 PM Re: OFAC and property sellers
Kiren S. Offline
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Joined: Aug 2004
Posts: 1
Milwaukee, WI
My title company told me that they only running the seller against the OFAC list if they are disbursing the funds. They also said that the title underwriters do not agree on the proper procedures and are giving the agents different direction and that subsequently many title agents are not doing any OFAC check on sellers.

Are other banks checking the recipients of funds on refinances or on credit card balance transfers too?

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#350806 - 05/03/05 08:43 PM Re: OFAC and property sellers
Anonymous
Unregistered

When they were last in here, they said we need to be doing an OFAC check on the sellers of consumer goods and the sellers of real estate. I kid you not.

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#350807 - 05/04/05 06:27 AM Re: OFAC and property sellers
Princess Romeo Offline

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Joined: Jun 2001
Posts: 8,272
Where the heart is
Quote:

When they were last in here, they said we need to be doing an OFAC check on the sellers of consumer goods and the sellers of real estate. I kid you not.



Let's see - we check our vendors including the plant watering guy/gal, the well known law firm in downtown, the YMCA before giving a donation....

Honestly - show of hands....How many people have actually had a POSITIVE hit on the OFAC list for other than wires?

How many people have found a positive hit on the OFAC list for ANY of their vendors?

How many people have found a FALSE-positive hit on the OFAC list for any of their customers with a Hispanic or Middle Eastern name? Can you imagine having your paycheck blocked because your bank thinks you are one of the members of a South American drug cartel? Try explaining that one to your landlord.

I'm sorry - we went from O-What? to OFAC-Overkill in 0 to 60 starting 9-12-2001.
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#350808 - 05/04/05 08:07 AM Re: OFAC and property sellers
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Tell it Bonnie, say it loud!

Over the last few years OFAC has ramped up from being the acronym nobody ever heard of to the biggest waste of time and resources in the industry. I have no choice but to continue saying that it's "risk based," but the reality is that it's paranoia based.

Banks can be told they need to look at people sending and receiving wire transfers, publicly traded companies opening new accounts, vendors, checks cashed over the counter, cashiers checks, real estate sellers, and perhaps now to monitor whether Circuit City checks its buyer before it delivers that big screen. (Frankly, I see no reason why banks should not be told they need to check payees on inclearing items.) The "advice" can be profoundly stupid, as would be the case in the preceding parentheical, but there is no way to counter it because the whole thing is so vague.

OFAC's like the old movie "The Blob," it just keeps spreading out...
Last edited by Ken_Pegasus; 05/04/05 12:16 PM.
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#350809 - 05/04/05 06:41 PM Re: OFAC and property sellers
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Quote:



OFAC's like the old movie "The Blob," it just keeps spreading out...




OMG! It's creeping over my windows!!!!
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#350810 - 05/21/05 02:20 PM Re: OFAC and property sellers
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
None of the title companies that we deal with are doing this.

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#350811 - 05/21/05 03:22 PM Re: OFAC and property sellers
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
The title companies we use run OFAC check on parties to transactions. They call them "Patriot Checks". I hate that term.
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#350812 - 05/23/05 05:42 PM Re: OFAC and property sellers
Anonymous
Unregistered

Or the money!!!!

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