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And the strings from this list have to be matched indiscriminately against everything? Names of account holders, text in the reference field of a transaction (i
by _Microft 6y ago
And the strings from this list have to be matched indiscriminately against everything? Names of account holders, text in the reference field of a transaction (if such a thing exists in the US), whatever?
- imnotjames 6y agoI haven't read the actual guidelines / rules / etc put out by OFAC in over a year but that was the gist of it from the legal team.
- SethMurphy 6y agoYes, all text in a message scanned, matches made are for manual review. In the world of financial compliance false positives are in the majority. No company can afford to skip a true match for the sake of scalability based on current audit practices.
- MattGaiser 6y agoIn finance, compliance is taken very seriously. Better to block 1000 transactions than miss 1.
- Nyra 6y agoYep. I bought a used copy of Yakuza 0 online once and foolishly included the name of the game in the notes of the transaction. PayPal blocked the transfer of funds for over a week.
- Ancapistani 6y agoI’ve had an order of “Aleppo pepper” blocked from a small online retailer because it contained the word “Aleppo”. https://en.wikipedia.org/wiki/Aleppo_pepper https://en.wikipedia.org/wiki/Aleppo_pepper