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Credit Card Cash Advances & the OFAC List

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Question: 
Would it be advisable to check a non-customer who is requesting a cash advance on their credit card against the OFAC list? The bank limits these types of transactions to $1,000.
Answer: 

This is a risk management issue. All transactions are subject to OFAC. Most (if any) financial institutions do not check every transaction. I hate to offer a blanket comment that says something like "never worry about these types of transactions". I believe a sound answer would be largely dependent on your location(s), employee knowledge/turnover, the customer presenting the check, etc.

First published on BankersOnline.com 7/16/07

First published on 07/16/2007

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