Social Studies College

A customer comes into the institution with a request to complete a wire transfer to a party on the targeted list. The OFAC sanction calls for the transaction to be blocked. With the knowledge of this sanction, which of the following should happen next?

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Answers

Answer 1

The institution should verify, block the transaction, report the incident, and communicate with the customer.

When a customer comes into an institution with a request to complete a wire transfer to a party on the targeted list under the OFAC (Office of Foreign Assets Control) sanction, certain actions should be taken to comply with the sanction and prevent the prohibited transaction from occurring.The next steps that should happen include:Verification: The institution should verify if the party involved in the wire transfer request is indeed on the targeted list. This can be done by cross-referencing the customer's information with the OFAC list or using specialized software for compliance screening.Block the transaction: If it is confirmed that the party is on the targeted list, the institution should block the transaction immediately. This involves preventing the wire transfer from being processed and ensuring that the funds are not transferred to the sanctioned party.Report the incident: The institution should document the attempted transaction and report it to the appropriate authorities or regulatory bodies as required by the OFAC regulations. This helps in maintaining compliance and providing necessary information for investigations.Communicate with the customer: The institution should inform the customer about the denial of the wire transfer request and explain the reason behind it, citing the OFAC sanction. They may also provide guidance on alternative options or advise the customer to seek further clarification from the appropriate authorities.In summary, when a wire transfer request involving a party on the targeted list is identified, the institution should verify, block the transaction, report the incident, and communicate with the customer accordingly.

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