Skip to content

Checking OFAC Each Time For Repeat Customers

Answered by: 

When sending wire transfers for a customer who regularly sends wires, is it necessary to check this customer against OFAC each time, or would it be sufficient to check them each time OFAC posted an update? I understand the importance of checking the non-customer, but was a little dismayed at the prospect of checking customer Smith each time he wires.

Unfortunately, in the climate of the examiner's world today, be sure to err on the side of caution. If your wire transfer people miss an update, and a name slips through, you will most assuredly hang for it. Though it's more work, it's much safer to check each time.

First published on 3/11/02

First published on 03/11/2002

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