In addition to stored value cards, our bank offers payroll cards and family card. The family card is the VISA prepaid stored value card which reloadable where our customer is the card sponsor and funds the account from their checking account in amounts from $25 to $2,000, ona scheduled or as needed basis. This product is not on our core system.
I know the OFAC expectation is screened the employer -our customer for the payroll card and our customer as the card sponsor for the family card which gets scanned each time the OFAC list is updated b/c they're in the customer database. But what about the employees receiving the payroll card and the end-users on the family card - is anyone performing the OFAC scan?
_________________________
CAMS