Topic: OFAC Checks
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Are we required to run an OFAC check on every person we hire? For example, if we hire a landscaper or a roofer, do we need to run an OFAC check on those individuals?
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We are not aware of any rule or law that would require you to perform an OFAC check on bank employees or independent contractors hired for projects such as landscaping or roof repair. We should note that since some of the OFAC regulations contain very broad definitions of what are considered to be blockable assets…