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Bank Responses

If an individual or entity’s funds are being held by their financial institution or by OFAC, its important to understand why the funds may have been held in the first place. 


If the funds are held by their bank, cooperating with the bank is important, but complicated. 


In order to determine next best steps, you must collect the following documents:


1) Contracts
2) Invoices
3) Wire documents
4) Banking confirmation documents
5) Documents of names of the parties and persons involved in the wire transfer
6) An underlying explanation or reason for the wire transfer


If you think that there are civil or criminal consequences involved with your funds, you should immediately speak with an experienced Sanctions lawyer to find out if there is anything wrong with the wire transfer on its face, determine what you should do about it, and how should you communicate with the bank and/or OFAC moving forward.