When selling cashier's checks to customers which are typed with the remitter and payee, do we need to run the payee thru OFAC listing and also get the address for the payee?
Do you have to pull a new OFAC on a customer each time you increase their credit card limit?
Is it a requirement to apply OFAC to a beneficiary when paying out the balance of an account?
I’m new to banking and need to know what Regulation the filing of SARs falls under (US Patriot Act, OFAC, Bank Secrecy or other).
Are banks required to search the OFAC lists on domestic banks when wiring funds?
Use of the Category ?Other?
Several facts about the 78 depository institution SARs and 10 SAR-MSBs with cooperative narrative references appear noteworthy.
Upon OFAC verification, can a bank open a new account on a Mexico Corporation?
When should lenders order OFAC on loans? We are running them twice, once when the application is received (why go through the process if we get a hit) and once again after docs are ordered and before the loan is booked. Is there any standard we should adhere to?