08/18/2024
Regarding a cancellation request of a consumer foreign remittance transfer - are there any document retention requirements related to the canceled wire transfer request? Is the FI required to retain a copy of the wire transfer request form or any other documentation related to the transaction since it never occurred if canceled within the 30-minute window?
Our bank has a log to record all canceled international wire transfer requests, but that is the only documentation.
12/17/2023
How do we recall a bank-to-bank transfer that was unauthorized? We are the ODFI.
10/16/2022
When an incoming wire comes in through a bank or the Fedwire, is our receiving bank required to do an OFAC check? Don't bankers and Fedwire procedures include OFAC checks on them before the wire is sent?
06/26/2022
Can an authorized signer on a checking account receive a wire transfer payable to them into that account?
11/07/2021
Shall we return a wire sent from Russia when the originator is not on SDN but the originator's bank, SBERBANK is on the e Sectoral Sanctions Identifications List?
10/31/2021
We have a customer who wants to wire money to Pakistan. I don't understand the sanctions list. If there is a list of entities shown, does that mean that we shouldn't send the wire? Is the sanctions list specifically for individuals or countries?
10/31/2021
How do I handle Part III of a CTR if part of the withdrawal was at a branch and the other part was through an ATM at another location? The total cash amount exceeded $10,000.00 in one day.
10/31/2021
We have a customer who wants to wire money to Pakistan. I don't understand the sanctions list. If there is a list of entities shown, does that mean that we shouldn't send the wire? Is the sanctions list specifically for individuals or countries?
09/12/2021
Regarding OFAC compliance, should my 314a scans of wire activity include both domestic and international wires or just foreign wires sent or received?
09/29/2019
We are a de novo bank and our BSA officer mentioned that it was "recommended" by FDIC regulators that banks need to check their
correspondent banks on OFAC anytime they send or receive a wire from them. To me this seems pointless and quite excessive. We send/receive wires
through PCBB and I can't see us needing to check OFAC lists for their name daily. Is this really necessary?