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CIP for Sole Proprietor- OFAC or Full Search?

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Question: 
We use a vendor's product for CIP purposes at the bank. When running a sole proprietor account, is there a reason we should be doing the full search or is OFAC alone sufficient? The same would go for unregistered organizations.
Answer: 

There is no way to answer this question. The actions taken would be totally a risk based decision.

First published on 08/18/2019

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