If a loan meets underwriting standards but is a true hit on the OFAC list, what do we use as a denial reason on the adverse action notice?If a loan meets underwriting standards but is a true hit on the OFAC list, what do we use as a denial reason on the adverse action notice?
If you have confirmed with OFAC that you have a If you have confirmed with OFAC that you have a “good hit,” there is no reason not to explain that to the customer. The customer can contact OFAC directly for further information. • Through corporate giving programs, many banks contribute toward charities and other non-profits. To what extent does a bank need to review the recipients of these gifts or the principals of the charities?Through corporate giving programs, many banks contribute toward charities and other non-profits. To what extent does a bank need to review the recipients of these gifts or the principals of the charities? Donations to charitable institutions must be handled as any other financial transaction. The donating bank or institution should crosscheck the recipient names against OFAC’s SDN list and assure that the donations are in compliance with OFAC sanctions programs. Donations to charitable institutions must be handled as any other financial transaction. The donati
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- If a loan meets underwriting standards but is a true hit on the OFAC list, what do we use as a denial reason on the adverse action notice?If a loan meets underwriting standards but is a true hit on the OFAC list, what do we use as a denial reason on the adverse action notice?
- If a loan meets underwriting standards but is a true "hit" on the OFAC list, what do we use as a denial reason on the adverse action notice?
- Where can I find the MEDDEV classification guides and the list of harmonized European standards?
