Skip to content

OFAC Check for DBA

Answered by: 

Is there a requirement to run an OFAC check on a DBA? For example, John Doe DBA ABC Store. Do I need to run an OFAC on John Doe and ABC Store, or simply John Doe?

The purpose of running an OFAC check is to avoid completing a transaction with an OFAC-blocked party, not to comply with a specific set of rules. Whether your institution will require that its personnel run OFAC checks on the owner of a sole proprietorship or on the fictitious name he or she uses is a matter of risk management -- Will a check of the owner's name and not the fictitious name sufficiently reduce your OFAC risk?

Don't forget that persons other than individuals can "do business as" a fictitious name, too, so your question really should expand to cover situations like "Doctors Associates Inc. DBA Subway Restaurants."

First published on 1/10/11

First published on 01/10/2011

Filed under: 

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