Podcast Beta
Questions and Answers
What may banks tell customers about blocked funds?
Who can apply for a license on behalf of a customer in cases of blocked funds?
Can banks provide legal advice to customers regarding OFAC's sanctions regulations?
Study Notes
Disclosure of Blocked Funds
- Banks are allowed to inform customers that their funds have been blocked in accordance with OFAC's instructions.
- Customers may contact OFAC directly to seek access to their blocked funds.
Bank's Role in License Applications
- Banks do not apply for a license on behalf of the customer or other impacted party, except in cases of mistaken identity.
Bank's Guidance on Sanctions
- Banks may discuss potential transactions with customers to determine if they would violate sanctions.
- Banks should not provide legal advice to customers regarding OFAC's sanctions regulations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the role of banks in OFAC sanctions, including blocked funds and license applications. It explains when banks can inform customers about blocked funds and how they guide on sanctions.
