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OFAC Check for Each Loan?

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How often do we need to do an OFAC check on a current customer if one was done previously on a loan? Do we need to do it every time there is a new loan?

That is up to your bank, based on your OFAC risk assessment. If the customer is a current customer, most banks periodically scrub their customer base against OFAC updates.

First published on 10/04/10

First published on 10/04/2010

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Filed under lending as: 

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