Checking money order sales against OFAC
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.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 12, 12/05
First published on 12/01/2005