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#1928634 - 06/02/14 07:46 PM File a SAR or not file a SAR
CrashDavis Offline
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Joined: Jun 2005
Posts: 283
This is a scam but want to describe the situation. The customer was to wire a little less that $11,000 to Nigeria to free a woman. He would then supposedly marry. He received an incoming wire of $11,000 deposited to his account. The wire came from an attorney in another state. We verified he is an attorney but is on suspension. He withdrew the money from his account with our bank and went to Western Union to wire the money to Nigeria. He only wired about $6,000 when red flags went off at Western Union and they did not wire any more money. Our bank did not take any loss. The bank where the wire came from will take the loss.

My question do I have to file a SAR. We did not take a loss. I believe the other bank will file a SAR because they will take the loss.

Also, we closed his account.

Thanks for your opinion.

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#1928643 - 06/02/14 07:54 PM Re: File a SAR or not file a SAR CrashDavis
Princess Romeo Offline

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It does not matter if you suffered a loss or not. You file a SAR if someone transacts or attempts to transact what your either suspect or confirm is fraudulent or criminal activity through your bank. If the amount involved is $5,000 or more, you are required to file a SAR.
Last edited by Princess Romeo; 06/02/14 07:54 PM.
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#1928719 - 06/02/14 09:21 PM Re: File a SAR or not file a SAR CrashDavis
CrashDavis Offline
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Posts: 283
We believe our customer is a gullible victim, not the fraudster. I understand it doesn't matter whether we took a loss or not. Also in this situation the customer is not going to take a loss. The bank that sent us the wire is going to take the loss and they will go after the person who wire the money to our customer.
Last edited by CrashDavis; 06/02/14 09:42 PM.
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#1928744 - 06/02/14 09:44 PM Re: File a SAR or not file a SAR CrashDavis
rlcarey Online
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Galveston, TX
You have no suspect. The amount is under $25,000. You have no trigger for a SAR.
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#1928749 - 06/02/14 09:51 PM Re: File a SAR or not file a SAR CrashDavis
CrashDavis Offline
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Thanks.rlcarey. I knew that but I must have had a brain freeze this Monday.

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#1928763 - 06/02/14 10:49 PM Re: File a SAR or not file a SAR CrashDavis
Princess Romeo Offline

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Where the heart is
I would think the suspended attorney would be a suspect which would lower the threshold to $5,000 - especially if the suspect is here in the U.S.
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Regulations are a poor substitute for ethics.
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#1929160 - 06/04/14 12:58 AM Re: File a SAR or not file a SAR CrashDavis
TryingtoComply Offline
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Joined: Apr 2013
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The West
Yes, be careful. I agree, your customer is the victim; however, you have a SUBJECT - the attorney and the amount involved exceeds $5,000. I would file a SAR.

As noted above, taking a loss is not a requirement for a SAR filing. I know many BSA officers that have lost that argument with examiners. smile
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#1929170 - 06/04/14 12:04 PM Re: File a SAR or not file a SAR CrashDavis
rlcarey Online
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rlcarey
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Galveston, TX
I'm really confused. This guy gets a wire in for $11,000 and then supposedly transfers $6,0000 out and is still left with $5,000?? This is a pretty backwards type of scam. Sign me up.
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#1929641 - 06/05/14 01:48 PM Re: File a SAR or not file a SAR CrashDavis
CrashDavis Offline
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Joined: Jun 2005
Posts: 283
rlcarey, I agree with you on this. When I first started investigated it looked backwards to me. The attorney is suspended and I figured he isn't too smart.

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#1929709 - 06/05/14 02:44 PM Re: File a SAR or not file a SAR CrashDavis
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
IMHO & vast experience with these scams - the attorney is not a subject in this case. The attorney is infact a victim himself. Most likely hacked (account takeover).
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