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#1988812 - 01/15/15 01:26 PM Monitoring IAT's for Suspicious Activity
DebbieB Offline
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What do you look for when monitoring IAT's for suspicious activity?

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#1988813 - 01/15/15 01:34 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
rlcarey Online
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rlcarey
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Why is this customer involved with international transactions?
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#1988825 - 01/15/15 02:05 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
Pat Patriot Act Offline
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IAT monitoring is just like any other type of foreign transaction monitoring. Compare the values, volumes, and velocities of the transactions to what you would expect given the customer's profile. In addition, you should consider jurisdictional factors, such as the risk of the counterparty's country and whether or not their jurisdiction has funds transfer reporting requirements they may be trying to evade (e.g. Canada) by unnecessarily splitting the transactions (you would have to research exchange rate data to perform this analysis properly). Also, pay particular attention to unexpected even dollar transfers (e.g. supply purchases), cash-funded outgoing IATs, incoming IATs preceding cash withdrawals, multiple customers receiving IATs from the same unique source, and multiple customers sending IATs to the same unique source.
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#1988877 - 01/15/15 03:20 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
MagicCity Offline

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I look at amounts and volume of activity with the same entity/person. I Google some of the names to see what the company does and document that.

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#1988928 - 01/15/15 04:01 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
DebbieB Offline
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Do you have a dollar threshold at which you will contact the customer and question them about the IAT if that IAT was originated by a bank in a foreign country because you cant figure out the purpose of the IAT and it could be fraud?

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#1988931 - 01/15/15 04:04 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
rlcarey Online
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Why would you not if you thought it was fraudulent activity.
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#1989262 - 01/16/15 03:58 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
MagicCity Offline

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If I think something is fraudulent I have no dollar threshold.
I would call the customer.

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#1989359 - 01/16/15 06:12 PM Re: Monitoring IAT's for Suspicious Activity MagicCity
thisisme08 Offline
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Originally Posted By: MagicCity
I look at amounts and volume of activity with the same entity/person. I Google some of the names to see what the company does and document that.


It sounds like your IAT transactions are similar to mine in that they are Paypal/app store type transactions.
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#1989365 - 01/16/15 06:18 PM Re: Monitoring IAT's for Suspicious Activity MagicCity
ItNeverEnds CRCM Offline
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Originally Posted By: MagicCity
I look at amounts and volume of activity with the same entity/person. I Google some of the names to see what the company does and document that.


This is what I do as well. They are typically paypal/ebay and app purchases. Usually they are small dollar amounts and it's usually the same people and countries. If the country seems odd, or there's no history of the customer doing the transaction we call. Typically I won't spend time on anything under $50.
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#1989507 - 01/16/15 11:22 PM Re: Monitoring IAT's for Suspicious Activity DebbieB
Princess Romeo Offline

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Count me as someone who initiates IAT through Paypal for eBay purchases.

If your customer is into crafting, or making jewelry, you can't beat the sellers from China for beads, silver wire, silver chains and other jewelry findings like clasps, etc.
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