Skip to content
GeoDataVision
Thread Options
#1475984 - 12/03/10 06:31 PM Concern with wires
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
In monitoring I noticed a large number on incoming and outgoing domestic wires being processed through a personal account. Average of 10 per month. In questioning the branch it appears our customer does contract work for a large company providing maintenance on towers. All of the incoming wires are being sent from this company so that makes sense. The outgoing wires are my concern. It seems our customer is responsible for paying the individuals he recruits to work with him- it's the same 5 people but he is doing it as an individual, personal account. How concerned should the bank be about this activity?

Return to Top
BSA/AML/CIP/OFAC Forum
#1476006 - 12/03/10 06:57 PM Re: Concern with wires nemsi
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,893
Galveston, TX
Outside of possibly losing additional fee income from it being from a personal rather than business account - I see no issues.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1476073 - 12/03/10 08:06 PM Re: Concern with wires rlcarey
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
Thanks Randy!

Return to Top
#1476131 - 12/03/10 09:16 PM Re: Concern with wires nemsi
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
I suppose the large company is covering the wire transfer fees. I wonder why he isn't using ACH. It would be cheaper.

Return to Top

Moderator:  Andy_Z