Our company is a de novo bank and our BSA officer talked about it was “recommended” by FDIC regulators that banking institutions need certainly to check their correspondent banking institutions on OFAC anytime they send or be given a cable from their website. If you ask me this appears useless and quite extortionate. We send/receive wires through PCBB and I also can’t see us the need to always check OFAC listings due to their name daily. Is it actually 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 ach that is large credit. The following day, he desired to deliver a global cable utilizing the arises from the credit. (more…)