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#1924328 - 05/19/14 02:36 PM Wire
rebpeb Offline
Junior Member
Joined: May 2011
Posts: 44
Customer owns a dealership, wants to wire to purchase a vehicle, but use his personal information instead of the dealership info so person he is purchasing from does not know he is a dealer - money is being wired out of his business acct. - should this wire show it is from the business, since the funds are from his business acct. or since he owns the business is it ok to show from him

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Operations Compliance
#1924335 - 05/19/14 02:59 PM Re: Wire rebpeb
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,527
Pulling people out of the ditc...
wire should show the originator as the account the funds are coming from. If he does not want to show the business info, i'd suggest he transfer the funds to his personal account and wire from there.
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#1924344 - 05/19/14 03:11 PM Re: Wire HappyGilmore
kw004h Offline
100 Club
Joined: Nov 2009
Posts: 219
Chicagoland, IL
I'd also add that suggestions such as these to somehow "hide" or "disguise" the true source of funds or nature of the transaction may warrant some escalation to and/or due diligence from your AML department. Why does this customer not want the information sent on the wire to reflect the transaction? I'd want to be wary of appearing to "advise" the customer, or appearing to "help" the customer do this.

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#1925734 - 05/22/14 05:39 PM Re: Wire rebpeb
jkw Offline
New Poster
Joined: Jun 2013
Posts: 1
My question is, do banks have the right to refuse doing a foreign wire transfer for a customer who we suspect of money laundering/or possible terrorist financing. Multiply SAR's have been filed. Wire's come into his account and he wire's fund's out to Nigeria, Hong Kong, or Thailand. With no reasonable explanation.

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#1925767 - 05/22/14 06:10 PM Re: Wire jkw
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Quote:
do banks have the right to refuse doing a foreign wire transfer


Yes. You are not a public utility, at least not yet.

How you word your refusal may be difficult, but you have a start on it by saying the explanations offered are not adequate. FYI, some money center banks require the customer to present them with a copy of the invoice as a condition of sending any foreign wire transfer.
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