Purpose of Wire Transfer Required?
by John Burnett, BOL Guru Guru Bio
Question: Are there any compliance regulations that require a bank to request a purpose from the customer on a wire transfer?
Answer: There's nothing specific. However, you do have a responsibility to understand the nature of your customer's business so that you can determine whether or not the wire fits the customer's profile. If there was no apparent business purpose for the wire transfer, you would have an obligation to find out more about it before determining whether the transfer is SAR-worthy.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
