Thread Options
#2007285 - 04/10/15 12:36 PM Attempted transactions
ComplianceBanker Offline
New Poster
Joined: Oct 2014
Posts: 12
Was hoping to get some thoughts with regards to completing SARs on attempted transactions and the characterizations that might apply.

A hypethitical scenario would if a customer conducted structured cash deposits into their account and then attempts to send an outgoing wire. The bank refuses to complete the wire transaction as the customer would not provide information with regards to whom the beneficiary is or the purpose of the wire.

Would item 33e (suspicious eft/wire transfers) be selected or would the wire information just be information for the narrative?

Return to Top
BSA/AML/CIP/OFAC Forum
#2007290 - 04/10/15 12:54 PM Re: Attempted transactions ComplianceBanker
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,988
Galveston, TX
A financial institution must report any transaction that requires reporting under the terms of 31 CFR Chapter X if the transaction is conducted or attempted by, at, or through the financial institution.

If you are reporting on an attempted wire that you thought was suspicious, why would you choose not to check the box.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z