FA presents cash to the bank and seeks to wire it to his spouse, RA, in Cub A. The OFAC list identifies RA as a specially designated national. Under OFAC Regulations, what should the bank do?
A.
Block the transfer
B.
Conduct the transfer as requested and take no further action
C.
Conduct the transfer as requested and notify OFAC immediately
D.
Conduct the transfer only if the bank determines that Cuba is not a blocked country
If RA is identified as a specially designated national by the Office of Foreign Assets Control (OFAC), the bank is required to block the transfer. OFAC regulations prohibit transactions involving individuals or entities listed on the SDN list. Therefore, the bank must prevent the funds from being transferred to RA in Cuba to ensure compliance with OFAC regulations and avoid facilitating transactions with sanctioned parties.
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Cam22
4 months ago