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OFAC and Cashing Checks for Non-Customers
Answer by Jim Bedsole, BOL Guru
BIO AND CONTACT INFO
Question: When cashing a check for a non-customer drawn on another financial institution, do we have to verify the payee against the OFAC listing? Also, when issuing a cashier's check, do we have to verify the payee?
Answer: You don't have to check for anything on OFAC. But such transactions would be prohibited where the payee of the check is on the OFAC list. You'll have to weigh the risk factors and your operational capability to screen these types of transactions effectively and efficiently to decide what approach to take.
First published on BankersOnline.com 8/25/03
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