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[soumitss]

What's the process for contesting a bank's decision to close accounts due to OFAC concerns? My business account was shut down but I'm not on any sanctions list.

[hydrogenn]

Banks have broad authority to close accounts based on sanctions risk assessments, even without a confirmed OFAC violation. They're incentivized to be overly cautious because penalties for sanctions violations are severe. If your account was closed, first request a detailed explanation in writing. Sometimes it's mistaken identity - similar name to someone on SDN list. If that's the case, provide documentation proving you're a different person/entity. If it's based on transaction patterns or country exposure, you might need to demonstrate the legitimacy of your business activities. Banks aren't required to maintain accounts they deem risky, so your leverage is limited. I researched options for challenging these decisions on ofacblockedfundslawyers.com. Consider whether filing a complaint with banking regulators is appropriate, though success rates vary. Finding a new bank willing to accept your business may be necessary.