OFAC requires credit unions to verify that new members are not on the "SDN" list. The list includes names of terrorists and drug dealers and other bad guys. A "hit requires you to freeze assets and contact OFAC. In addition, existing members must be scanned to be sure they haven't gone astray since the account was opened. Be sure your efforts are documented - even if you miss one, the Feds will likely give you a pass if you did proper due-diligence.
Hint: go to http://www.ustreas.gov/offices/enforcement/ofac/sdn/index.shtml to get the list in Word or PDF format. You can then "control F" on your keyboard to search the list for free.
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