Opening Estate Account Require OFAC Check?

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Question:

Is an OFAC check required for opening an estate account?

Answer:

An OFAC check on any type of account or transaction is solely based on the Bank's OFAC risk assessment. There are no specific regulatory requirements other than if you conduct business with someone on the OFAC list you are subject to penalties.

First published on BankersOnline.com 10/24/11