Our institution sells bulk orders of low load, non-reloadable anonymous gift cards through a third party channel. For any order over $5,000, regardless of payment type, customer information is gathered on the purchaser. Should the purchaser be screened against OFAC?

Interesting question.....to piggyback off of that...if anyone does require screening for OFAC under this circumstance, do you also screen whoever comes in your door as a non-customer to purchase a monetary instrument directly from your institution?

Purchaser names are screened nightly during processing.

Please clarify, is that for monetary instruments, or stored value cards?

Stored value cards--the OFAC check is automated by our third-party service provider.

We screen purchaser names - on monetary instruments - at time of purchase.