A KYC analyst receives a notification that the Office of Foreign Assets Control (OFAC) has updated its sanctioned entity and individual list. The analyst reviews the list and identifies a current customer. Which step should the analyst take first?
A.
Report the issue to the Money Laundering Reporting Officer.
B.
Form a sanctions committee to develop standard processes and procedures
When a customer is identified as a sanctioned party, the immediate required action is to freeze the customer’s account and assets in accordance with sanctions regulations, preventing any transactions before notifying the relevant authorities.
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