Watch this month’s Ask an Expert | FINQuiry Webinar where our experts answer your compliance questions.
This month you asked:
- I am currently incorporating bank-controlled escrow account risks into my bank’s risk assessment. What are the red flags associated with bank-controlled escrow accounts and where can I find more information about them?
- Suppose a non-U.S. bank outside the U.S. receives a cross-border incoming wire transfer and determines the payment is indirectly associated with an OFAC Specially Designated National or SDN. Is the beneficiary bank required to block the transfer and report it to OFAC, or just reject it and report the detected triggers to the correspondent bank?
- The next series of questions is based on this scenario: A bank in Europe has an account for a foreign official designated by OFAC for corruption. The bank has no ties to the U.S. either by ownership or physical presence.
- What actions should the bank take with regards to freezing the account or exiting business relationship?
- If exiting the business relationship, what is the optimal exiting payment mode?
- Why doesn’t the UN Security Council activate and enforce designating individuals that conduct any corrupt act?
- What actions should Egmont take to increase financial intelligence units’ effectiveness in combating corruption?
- How does the FinCEN and the Federal Reserve Board’s Notice of Proposed Rulemaking on cross-border funds transfers from late last month impact different types of financial services firms?
- How will the results of the U.S. presidential election affect the global financial integrity community?
This webinar is exclusive to DOLFIN platform users. Don’t have a subscription? Contact our team and find out how to get access today!
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