OFAC Verification on Cashier's Check Payee - John Burnett

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OFAC Verification on Cashier's Check Payee
Answer by John Burnett, BOL Guru
Guru BIOS

Question: Our tellers do an OFAC inquiry on the payee of a cashier's check before issuing it. What is our responsibility in the case of money orders? Many customers want the payee left blank.

Answer: OFAC rules do not require you to change the way in which you issue money orders. Most personal money orders are, in fact, issued devoid of a payee name.

The remitter is subject to the OFAC rules, too. He or she will be the party taken to task for transacting business with an OFAC-designee, if it comes to that.

Not your problem.

First published on BankersOnline.com 10/20/03

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