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OFAC on the Beneficiary of a POD Account?

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Question: 
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?
Answer: 

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 BankersOnline.com 5/29/06

First published on 05/29/2006

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