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#1510076 - 02/14/11 11:54 PM Wachovia Being Sued Again
Retread Offline
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Retread
Joined: Oct 2003
Posts: 2,548
Southeast
This is getting ridiculous. You would think some people think banks should monitor every single transaction for every single customer or risk getting sued.

http://www.palmbeachpost.com/money/wacho...?printArticle=y
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BSA/AML/CIP/OFAC Forum
#1510079 - 02/15/11 12:03 AM Re: Wachovia Being Sued Again Retread
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Quote:
"If Wachovia had complied with federal bank requirements it would have prevented the scheme," the lawsuit contends.


Fair paraphrase: I'm an idiot. This bank that never heard of me or dealt with me should have protected me.
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#1510094 - 02/15/11 01:51 AM Re: Wachovia Being Sued Again Retread
MagicCity Offline

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MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
Originally Posted By: Retread
This is getting ridiculous. You would think some people think banks should monitor every single transaction for every single customer or risk getting sued.


It is already beyond ridiculous.

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#1510098 - 02/15/11 03:52 AM Re: Wachovia Being Sued Again MagicCity
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
It does however highlight a "best practice" to not allow an MSB to negotiate checks made payable to non-individuals through a written agreement with the MSB and to monitor their actual check cashing activity.
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#1510397 - 02/15/11 07:43 PM Re: Wachovia Being Sued Again rlcarey
ChrisseyNJ Offline
Junior Member
Joined: Feb 2010
Posts: 40
New Jersey
Im with you rlcarey...

Additional question will be if regulators find them in violation of SAR reporting....
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