We have been 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 seems useless and quite extortionate. We send/receive wires through PCBB and I also can not see us having to always check OFAC listings due to their name daily. Is this actually necessary?
Suspected Fraud- Funds from ACH Credit on Hold. Right to Refuse Wire Transfer- activity that is unusual
We suspect a person will be utilized as a mule and recently received a big ach credit. The day that is next he desired to deliver a worldwide cable aided by the arises from the credit. Their description of where in fact the funds originated in and what they’re getting used for changed times that are several consequently, we froze the account and also have the funds through the ACH credit on hold.