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#567195 - 06/14/06 04:02 PM Errors on SDN/OFAC list
Alien Offline
Platinum Poster
Joined: Dec 2002
Posts: 862
Mexifornia
Question:

If we rely on a third party to deliver lists such as OFAC, SDN, etc. and for some reason the lists are inaccurate, who would bear the burden if prohibited transactions were to occur, us or the third party?
_________________________
If you have enough, would you know?

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BSA/AML/CIP/OFAC Forum
#567196 - 06/14/06 04:08 PM Re: Errors on SDN/OFAC list
Pinkie CRCM Offline
Gold Star
Joined: Aug 2003
Posts: 399
KY
Ultimately, you. Check to see if there is language in your contract that addresses the issue. Even if it does, that argument probably wouldn't work with a regulator.

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#567197 - 06/14/06 04:21 PM Re: Errors on SDN/OFAC list
Dlynn58 Offline
Platinum Poster
Joined: Mar 2006
Posts: 788
Texas
We use chexsystems to do an OFAC check when we open accounts. I would like to get something from them telling me when and how often they update lists for my file. Does anyone have a contact that I can talk to or a number I can get to talk to a real person. I saw a number in another thread, but can't locate it now. I should have written it down at the time but didn't. Any help?

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