Skip to content
BOL Conferences
Thread Options
#2223568 - 10/10/19 08:06 PM OFAC and Check Payees
Banker Forever Offline
New Poster
Joined: Jun 2019
Posts: 24
I know it depends on you're risk assessment, but I'm curious if other banks are checking OFAC on the payee of all cashier's checks sold for any amount or if you have a limit that you'll check if over that amount.

Return to Top
BSA/AML/CIP/OFAC Forum
#2223608 - 10/11/19 02:59 PM Re: OFAC and Check Payees Banker Forever
Susan Offline
Member
Joined: Mar 2018
Posts: 75
Our policy says all payees get an OFAC run. And we only sell to customers.

Return to Top
#2223663 - 10/11/19 09:31 PM Re: OFAC and Check Payees Susan
Banker Forever Offline
New Poster
Joined: Jun 2019
Posts: 24
Thanks

Return to Top
#2223666 - 10/12/19 04:02 PM Re: OFAC and Check Payees Banker Forever
Local_Banker Offline
Member
Joined: Jun 2019
Posts: 76
We run OFAC checks on all bank check payees, regardless of dollar amount.

Return to Top
#2223669 - 10/12/19 05:03 PM Re: OFAC and Check Payees Local_Banker
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 317
USA
At my previous employer we checked OFAC on cashiers check payees, with some exceptions, such as domestic banks and credit unions, government entities, and well known local and national businesses.
_________________________
CRCM, CAFP, DAD

Return to Top
#2223701 - 10/15/19 02:45 PM Re: OFAC and Check Payees Banker Forever
Always In Training Offline
Diamond Poster
Joined: Jul 2006
Posts: 1,115
Where the Green Grass Grows
We only scan OFAC on checks above a threshold. Not all official checks. It's really kind of absurd anyway. It's not like I have enough information if I have a "hit" to truly clear it. (Other than First National Bank of Local Area not actually being The Bank of Iran of something of that nature.)

Return to Top

Moderator:  Andy_Z