How are we staying OFAC compliant with regards to checks brought in at time of account opening?

We are not required to run the the person who wrote the check through OFAC. They would have been verified by OFAC by their financial institution as that is a requirement for all financial institutions to not only check when the member opens the account but to continually run all of their members through OFAC on a regular basis. 

Was this article helpful?

/

Can’t find what you’re looking for?

Our team awaits your every question.

Contact Us