Our company is a de novo bank and our BSA officer pointed out it was “recommended” by FDIC regulators that banking institutions want to check always their correspondent banking institutions on OFAC anytime they send or get a cable from their website. In my opinion this seems useless and quite exorbitant. We send/receive wires through PCBB and I also can not https://online-loan.org/title-loans-va/ see us having to always check OFAC listings due to their name daily. Is it really necessary?
Suspected Fraud- Funds from ACH Credit on Hold. Right to Refuse Wire Transfer- Uncommon Activity
We suspect a person has been utilized as being a mule and recently received a big ach credit. Continue reading Latest Compliance – Wire Transfers Subjects. Check Correspondent Banking Institutions on OFAC? Wire Transfers