Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

Question

Quizplus · Accepted Answer

The bank should place the funds in an interest-bearing account to ensure they are blocked and not accessible to the depositor, as required by OFAC regulations, before reporting the transaction.

Your Institution Has Identified a Transaction by an Existing Depositor