Answer:
It is if you don't want to risk violating OFAC by giving loan proceeds to someone on the OFAC SDN listing.
First published on BankersOnline.com 1/17/05
OFAC Requirements for Lenders
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Question:
We are looking for recommendations/best practices regarding loan proceeds/payees and OFAC. Is it necessary to check OFAC for those entities receiving proceeds from a loan?
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