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#2246927 - 12/24/20 05:16 PM OFAC Checks on Revocable Trusts
Compliance Slave Offline
Junior Member
Joined: Nov 2006
Posts: 40
Fresno, CA
Hello,

I'm curious everyones opinion on whether or not a trust name needs to be run through OFAC, specifically revocable trusts.

We run irrevocable trust names because our core has a field specifically intended for them because they use an EIN.

Not so much for the revocable trusts, where many customers simply use their SSN. We are of course running the customers personal names, just not the trust title.

Help! Also, if there is anything that specifically address this that info would be very much appreciated.

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#2246931 - 12/24/20 05:54 PM Re: OFAC Checks on Revocable Trusts Compliance Slave
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
There is no requirement to run anything thing through OFAC - it is purely a business risk decision based on your internal risk assessment. Since there has never been a revocable trust on the OFAC list, I think you have your answer.
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#2246964 - 12/28/20 07:43 PM Re: OFAC Checks on Revocable Trusts rlcarey
Compliance Slave Offline
Junior Member
Joined: Nov 2006
Posts: 40
Fresno, CA
Thanks.

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