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Who Needs to be Checked Against OFAC?

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

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 BankersOnline.com 10/11/10

First published on 10/11/2010

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