What role does a gateway operator play in OFAC requirements?
Gateway operators are required to perform OFAC screening on all incoming IAT items. The gateway operator will flag each item with either a “1” to indicate a possible hit or a “0” to indicate that there was no hit. ACH operators acting as gateways operators are not required, however, to validate potential hits and will not block transactions or freeze funds. ODFIs acting as gateway operators, on the other hand, do have additional OFAC obligations. Please consult with OFAC for more information. Contact information can be found through the following URL: http://www.treas.
Related Questions
- If a gateway operator is going to perform OFAC due diligence on inbound IATs, what additional responsibilities does an RDFI have surrounding OFAC compliance?
- Can an aircraft operator located at a gateway airport comply with the requirements of the FBO Security Program in order to process their own aircraft?
- What role does a gateway operator play in OFAC requirements?
