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Remitter Requirements For Cashier's Checks

Question: 
I was asked by an officer of the bank I work for to issue a Cashier's Check to a company using his business check. He wanted the remitter to be someone besides himself or his company that the check was on. I know I have always been taught that your remitter has to be the person purchasing the check. If they wanted it to be from someone else you were to have that persons name F/B/O whomever else they wanted it to be from. Would I have been doing anything unlawful if I would have done this for him? He is also part owner of this bank.
Answer: 

To my knowledge, there is no federal law or regulation on this subject, other than BSA regulations which require the bank to keep certain records if the instrument is purchased with cash between 3 and 10K. It seems doubtful that there would be any state law. It is probably a policy that has developed in your institution and it may be difficult to trace its origins.

As long as the check used to purchase the cashiers check is payable to and endorsed by the purchaser, I would probably be willing to list anyone as the remitter.

Since there is no requirement that the remitter be shown on the cashiers check itself, I would not be comfortable telling the purchaser who has to be he might suggest it was none of my business.

First published on BankersOnline.com 2/4/02

First published on 02/04/2002

Filed under: 
Compliance
Filed under compliance as: 
Cashier's Checks
Checks
IT

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