Skip to content

OFAC on the Beneficiary of a POD Account?

Answered by: 

Once an account holder is deceased on a POD account, does OFAC need to be run on the beneficiaries before funds are transferred to the beneficiaries?

Running a name against the OFAC list is, as always, a matter of risk avoidance. Paying funds over to an OFAC-listed SDN who is a POD beneficiary would be just as illegal as any other transaction with that individual. In my mind, this is the optimal time to check the name against OFAC.

First published on 5/29/06

First published on 05/29/2006

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