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Compliance Question of the Week
In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
When a transaction is rejected or blocked, the bank has ten days to report it. Does the bank have to do it in writing or will calling OFAC Compliance suffice?
OFAC requires that all blocking and reject reports be submitted in writing. Optional reporting forms and options for electronic filing are available. Blocking and reject reports must contain a copy of the original transfer instructions.
Reference: OFAC FAQs: Sanctions Compliance, Q49.