Latest Compliance – Wire Transfers Subjects. Always Check Correspondent Banks on OFAC? Wire Transfers

Latest Compliance – Wire Transfers Subjects. Always Check Correspondent Banks on OFAC? Wire Transfers

Our company is a de novo bank and our BSA officer talked about they send or receive a wire from them that it was “recommended” by FDIC regulators that banks need to check their correspondent banks on OFAC anytime. For me this appears pointless and quite exorbitant. We send/receive wires through PCBB and I can not see us having to check OFAC listings with regards to their name daily. Is this really necessary?

Suspected Fraud- Funds from ACH Credit on Hold. Right to Refuse Wire Transfer- Uncommon Activity

We suspect an individual has been utilized as being a mule and recently received a big ach credit. The day that is next he desired to deliver a worldwide cable with all the arises from the credit. Their description of where in fact the funds originated from and what they’re getting used for changed many times; consequently, we froze the account and also have the funds through the ACH credit on hold. Since we suspect he received the funds fraudulently, are we under any responsibility to produce these to your client?

Do we being a bank have actually the best to refuse a cable transfer demand whenever we feel it really is suspicious and uncommon task for a specific consumer? Continue reading “Latest Compliance – Wire Transfers Subjects. Always Check Correspondent Banks on OFAC? Wire Transfers”