We have been a de novo bank and our BSA officer talked about they send or receive a wire from them that it was “recommended” by FDIC regulators that banks need to check their correspondent banks on OFAC anytime. In my experience this seems useless and quite extortionate. We send/receive wires through PCBB and I also can not see us the need to check OFAC listings due to their name daily. Is this actually necessary?
Suspected Fraud- Funds from ACH Credit on Hold. Right to Refuse Wire Transfer- activity that is unusual
We suspect an individual will be utilized as being a mule and recently received A ach that is large credit. The following day, he wished to deliver a worldwide wire because of the arises from the credit. Their description of where in actuality the funds originated in and what they’re getting used for changed many times; consequently, we froze the account and also have the funds through the ACH credit on hold. Under any obligation to release these to our customer since we suspect he received the funds fraudulently, are we?
Do we being a bank have actually the ability to refuse a wire transfer request it is suspicious and unusual activity for a particular customer if we feel? This client had a wire are available yesterday and it is now asking for a worldwide cable transfer to Nigeria. Continue reading