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CIP for Sole Proprietor- OFAC or Full Search?

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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.

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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