Skip to content

OFAC Check on Plan Beneficiaries

Answered by: 

We have a question about whether or not we can perform an OFAC check on retirement/health savings plan beneficiaries. We have had some discussions that because the beneficiaries are not owners they have not given us permission to perform the OFAC check.

You don't need permission to check names against the OFAC lists. If your institution has reviewed its risk of violating OFAC restrictions and has determined that it wants to mitigate that risk by checking names of plan beneficiaries, there is nothing stopping you from doing so. The most effective time to do an OFAC check of beneficiaries, however, might be just prior to paying anything out to them.

First published on 7/21/08

First published on 07/21/2008

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