We suspect a customer is being used as a mule and recently received a large ACH credit. The next day, he wanted to send an international wire with the
proceeds from the credit. His explanation of where the funds came from and what they are being used for has changed several times; therefore, we froze
the account and have the funds from the ACH credit on hold. Since we suspect he received the funds fraudulently, are we under any obligation to
release these to our customer?
Do we as a bank have the right to refuse a wire transfer request if we feel it is suspicious and unusual activity for a particular customer? This customer had a wire come in yesterday and is now requesting an international wire transfer to Nigeria. Of course we know our responsibilities under BSA and the steps we need to take for suspicious activity, but we also would rather simply refuse to conduct the transaction altogether.
Can we refuse to send an international wire out if we suspect fraudulent activity?
Where in the FFIEC IT Manual does it state that it is recommended to have a wire transfer policy?
Is there a regulatory/legal preclusion for charging a customer (consumer or commercial) a return wire fee for domestic or international wires? If a preclusion exists, what law/regulation is applicable?
When BSA holds an incoming wire because they need more information such as invoices, It is our procedure to send a service message to the originating bank and ask for that required info. Sometimes, we are asked to contact the customer and ask for that information from the customer. Is that against any violations or do you think that could offend the customer in any way? Should a specific dept like BSA, contact the customer for that information to avoid having a dept like customer service, that doesn't have any knowledge on that, say something incorrect?
We have been receiving several incoming wires sent to the beneficiary name (business account) without the INC, LLC, CORP included. Will this cause an issue or will it apply to any risks that we should be aware of at this point?
Our bank is going to be implementing business online banking within the next few months. Within this module we are going to allow the business customer to initiate wire transfers and ACHs, which will be mainly for payroll service purposes. What, if any, compliance comes along with this and are there sample disclosures and consent forms that we can customize for our bank?
Is there any compliance/regulation stating that all funds transfer in USD must cross a US bank?
According to Reg CC, does the bank have the right to delay availability for withdrawal of cash or similar means by one business day, and only provided $400 deposited fund available for cash withdrawal?