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#2259110 - 09/01/21 07:01 PM OFAC Hit - Cashiers Check Payee
praBSA Offline
Gold Star
Joined: Aug 2018
Posts: 348
Need advice....

Cashier's check was typed in and issued. Of course they searched the name AFTER they printed the check, however the bank held onto it and voided it. Customer took cash instead. Name appears to be a common name in IRAQ. Our customer, a business, is purchasing a piece of construction equipment for nearly $9000 from said 3rd party.

What should I do at this point? Call OFAC? We cancelled the check, customer took cash. File on customer for avoiding OFAC? I'm sure if the customer would get more information we could clear the hit, but we don't know. What would you select when filing a SAR on something like this?

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#2259117 - 09/01/21 08:08 PM Re: OFAC Hit - Cashiers Check Payee praBSA
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
If that is a true hit - you have yourself a real problem since you could not back out of the transaction. The money would have to have been held by the bank as blocked funds. You need to quickly determine if this was a match or not or you are going to have to come clean with OFAC.
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