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#2251419 - 03/29/21 08:08 PM OFAC search on Beneficiaries
AW27 Offline
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Joined: Jan 2017
Posts: 22
I know we would OFAC search a beneficiary before funds are disbursed, but must they be searched upon account opening only?

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BSA/AML/CIP/OFAC Forum
#2251420 - 03/29/21 08:11 PM Re: OFAC search on Beneficiaries AW27
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
Who and when you search for OFAC should be based on your risk assessment and risk appetite. There are no requirements to search for OFAC - just that your bank can't do business with anyone on the list.
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