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#1935366 - 06/25/14 12:39 PM CD proceeds wired to a 3rd party
jul1e Offline
Junior Member
Joined: Apr 2012
Posts: 45
We had a client close a large CD recently and had the proceeds wired out payable to a 3rd party. Is there any regulatory concerns with this?

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#1935393 - 06/25/14 01:31 PM Re: CD proceeds wired to a 3rd party jul1e
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
the time to ask this question would be before the wire was performed...

was the transaction done in person by your customer? if yes, i see no issues. if no, then how you verified the authenticity of the request is where your risk lies.

I would imagine about 80% of all wires are done payable to a 3rd party, if not greater.
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