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OFAC on Account Beneficiary

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Is it a requirement to apply OFAC to a beneficiary when paying out the balance of an account?

To whom or what and when you apply an OFAC check is a matter of policy arrived at after analyzing the risk of non-compliance, the risk of doing business with a person on the OFAC list. There is no federal regulation mandating a check. Is it a good idea to check before paying money over to an account beneficiary? Absolutely! It's the last chance you'll have to prevent a violation. I'd recommend that you do so, even if you have checked the name against OFAC back when the beneficiary was first named (as some state regulators recommend).

First published on 11/19/07

First published on 11/19/2007

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