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#2099994 - 09/22/16 06:04 PM PacNet named Transnational Criminal Organization
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
It could be that one of your customers got scammed by this payment processor/MSB or by one of the scammers that uses PacNet to move dirty money around the world.

PacNet designated as transnational criminal organization
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John S. Burnett
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#2100092 - 09/23/16 02:14 PM Re: PacNet named Transnational Criminal Organization John Burnett
BSAN3rd Offline
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Posts: 32
That must also be bad news for the FIs that PacNet holds accounts with.

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#2100258 - 09/25/16 10:45 AM Re: PacNet named Transnational Criminal Organization John Burnett
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I work at a small bank that wants to get into TPPP and MSBs. We currently have a BSA Dept of 2; me (BSA Officer) and 1 analyst who has 1 year of experience in the field. What is some of the potential fallout for the banks doing business with this company? I have other examples of what could happen when doing business with TPPP, but this is the first I've seen where one was labeled a.TCO.

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#2100270 - 09/26/16 12:13 PM Re: PacNet named Transnational Criminal Organization John Burnett
rlcarey Offline
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rlcarey
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Galveston, TX
What is some of the potential fallout for the banks doing business with this company?

You can't do business with this company - period:

"As a result of today’s action, all property and interests in property of the designated persons subject to U.S. jurisdiction are blocked, and U.S. persons are prohibited from engaging in transactions with them."
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#2100398 - 09/26/16 06:51 PM Re: PacNet named Transnational Criminal Organization John Burnett
BSAN3rd Offline
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Joined: Sep 2016
Posts: 32
I meant, more specifically, the (potentially fraudulent) business that was done with the company prior to its new designation.

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