Skip to content

Run OFAC on Newborn? (Savings Account for Baby)

Answered by: 

Do we need to run OFAC on a newborn baby whose mother or father have opened a savings account for the baby? We do have the Social Security number for the newborn.

Running OFAC is purely based on the bank risk assessment and policies that the bank has developed to mitigate the risk of entering into a transaction with someone on the OFAC list. Since a baby cannot contract for an account, it must be held in a UTMA account or on a similar custodial basis.

First published on 8/6/12

First published on 08/06/2012

Filed under: 
Filed under compliance 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