Skip to content

Who Needs to be Checked Against OFAC?

Answered by: 

When issuing cashier's checks, does the party the check is being issued to have to be checked against OFAC?

There is no banking "pulse point" where you are required to check the OFAC list before you conduct a transaction. You are not required to check the list when you sell a cashier's check, but you are not required to check the list when you open an account or send a wire transfer either. You do it because you are risk averse, not because it is a legal requirement.

First published on 10/11/10

First published on 10/11/2010

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics