We are a de novo bank and our BSA officer mentioned 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. If you ask me this appears useless and quite extortionate. We send/receive wires through PCBB and I also can not see us having to always always check OFAC listings with their name daily. Is this actually necessary?
Suspected Fraud- Funds from ACH Credit on Hold. Right to Refuse Wire Transfer- Uncommon Activity
We suspect an individual has been used as a mule and recently received a big ach credit. Continue reading “Latest Compliance – Wire Transfers Subjects. Always Always Check Correspondent Banks on OFAC? Wire Transfers”