Skip to content
 

Checking Insurance Clients Against the OFAC List

Answered by: 
Ryan Rasske

Question: 
Our bank operates an insurance agency. Do we have to check these clients against the OFAC list? We merely write policies and forward premium checks on to the larger insurance providers.
Answer: 

If you are dealing directly with the clients, it would be a smart idea to check them against the OFAC list and possibly stop the transaction before it goes to far. If not, it might be difficult (and very uncomfortable) to explain to the government why your agency wrote an insurance policy for a terrorist. You should also check with the various insurance providers and ask them what type of OFAC screening they have in place as well.

First published on BankersOnline.com 08/15/05

First published on 08/15/2005

Filed under: 
Security
Filed under security as: 
Checks
IT
OFAC
Policies

Report a problem with this page

Search Topics