Does Dwolla or the partner banks/credit unions perform OFAC checks for each transaction?
Hi @kard – Dwolla performs OFAC checks on Verified Customer accounts at the time of customer submission for verification. Our partner banks follow their own policies and procedures after Dwolla’s initial check.
Dwolla does not provide Know Your Customer (KYC) or Bank Secrecy Act (BSA), Anti-Money Laundering (AML) compliance as a service to clients or end users. Dwolla has an internal BSA/AML program to satisfy our financial institution partners and our own contractual obligations.
Hope that helps! If you have any follow questions, please reach us out at firstname.lastname@example.org.
I forgot to say thanks! That clears things up.