John Smith spoke to Global Investigations Review about the U.S. Office of Foreign Assets Control (OFAC) issuing a finding of violation (FOV) against Oklahoma City-based MidFirst Bank for allowing two individuals to conduct transactions after they had been added to the agency's List of Specially Designated Nationals and Blocked Persons (SDN list), warning financial institutions to implement reliable screening tools to continue monitoring the list.
"I think what OFAC Wanted is to get every single bank and operating company to call their vendor to make sure the vendor is screening both new and existing customers on a regular basis," John said. "This clearly was the intent; to make sure others do their due diligence and check in with their screening provider. It's a cautionary tale to everyone."
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Originally published by Global Investigations Review
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