OFAC Sanctions Compliance – Through corporate giving programs, many banks contribute toward charities and other non-profits. To what extent does a bank need to review the recipients of these gifts or the principals of the charities?

Compliance > OFAC
Q: Through corporate giving programs, many banks contribute toward charities and other non-profits. To what extent does a bank need to review the recipients of these gifts or the principals of the charities?
 
A:   Donations to charitable institutions must be handled as any other financial transaction. The donating bank or institution should crosscheck the recipient names against OFAC's sanctions lists and assure that the donations are in compliance with OFAC sanctions programs. [09-10-02]
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the U.S. Department of the Treasury’s online Resource Center for OFAC - Sanctions Compliance, which may be found here:  https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_compliance.aspx
 

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