Question: We recently started selling money orders for Western Union at all of our branches. We only take cash. Do we need to check every non-customer that wants to buy a money order against the OFAC list? We just changed our policy to state we do not issue cashiers checks or travelers checks for non-customers using cash and I'm afraid this falls in the same category, even though we're doing it on behalf of Western Union. I'm guessing we have to check.
Answer: You are correct. Unless Western Union is doing it, you will.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
