Record Keeping and Logs
A business location may not sell money orders to any customer
for $3,000.00 or more in currency unless it maintains records
that must be obtained for each issuance or sale to any individual
purchaser that involves currency in amounts of $3,000.00 to
$10,000.00 inclusive.
To assist you with the logging requirements required by the BSA,
MEMO developed the High Dollar Transaction Report. You can order
copies of the High Dollar Transaction Report by contacting MEMO
Customer Service at 1-800-922-8079 or download a copy from this site.
OFAC Regulations
OFAC regulations have requirements for businesses to identify and
freeze the assets of oppressive governments, terrorists, narcotic
traffickers and other specially designated persons.
A list of Specially Designated Nationals and Blocked entities
(SDN list) is maintained by OFAC. This list identifies individuals
and entities that have OFAC restrictions against them.
Transactions involving individuals or entities on the SDN list
are prohibited as blocked transactions. Some of the countries
and groups that are currently targeted by OFAC include Cuba,
North Korea, Libya, Iraq, Iran, Syria, Sudan and the Taliban.
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