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#2087728 - 07/13/16 04:41 PM Reporting Amount
Anonymous
Unregistered

We received a $4,500 wire from individual A at institution Y, to our customer individual A. Individual A then wired $4,500 from their account at our bank, to individual B at institution Z. We then received a call from individual A that a check deposited at institution Y was written off a closed account and wanted to know if we could stop the wire. We had already sent the wire to institution Z, so we requested the wire be returned. Institution Z returned the wire and we returned the funds to institution Y. I am going to report elder financial exploitation, do I report the amount as $4,500 or $13,500?

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#2087888 - 07/14/16 01:57 AM Re: Reporting Amount Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,931
Galveston, TX
I am going to report elder financial exploitation

Report where. A SAR? How is this elder financial exploitation. The person seems a little deep into this to be a victim. Wiring his own money from one bank to the other before wiring it to a third party shows they knew something was up.
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#2088000 - 07/14/16 03:46 PM Re: Reporting Amount Anonymous
Anonymous
Unregistered

I decided to list our customer as a victim because he said someone he became friends with on Facebook wanted to get money from a relative, but they would not accept the funds from him. This customer is in their 70s. I am on the fence because I am not sure why the customer wired from another account at another bank, to our account and then on to another bank. Is this too deep to be a victim?
What do you think about the amount? Do I report all three of the wires?

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#2088101 - 07/14/16 08:01 PM Re: Reporting Amount Anonymous
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
What doesn't make sense is that your customer sent the money from their other bank to your bank then to another. Why did he involve your bank at all? I would ask the customer if he was instructed to do so or if his other bank refused to wire the money because they saw a red flag.

As for the amount of the SAR I just asked the same question about a month ago and it was recommended to put $13,500 as it would be explained in the narrative.

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