Skip to content

Checking Employees Against the OFAC List

Answered by: 

Question: 
What are the guidelines for checking prospective and current employees against the OFAC list? Not all employees have accounts with the bank or they would be checked on a weekly basis.
Answer: 

There are no guidelines besides the ones your bank sets up based on its analysis of the risk of making an OFAC-prohibited payment. It's probably fair to say that there is a low or very low risk that an employee of your bank will be on the OFAC list, so your bank may decide that it's sufficient to check every new hire candidate against the list before extending a job offer, and follow up on current staff on some infrequent but periodic basis.

First published on BankersOnline.com 3/29/10

First published on 03/29/2010

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics