We have a customer that states he is a "Consultant for New Businesses in Other Countries' - IRAQ and Africa. I feel Red Flags all over this account. Opened with $100 cash. Says he will be sending and receiving wires to IRAQ and Africa monthly from $5-10,000. Cash w/d will be through ATMs. I also feel this could be a scam on him and on the 'new businesses' he is consulting with. Has anyone opened an account like this? Or heard of this as being a scam?

Just say no.

I agree.. I'm the BSA Officer/Compliance and always like to give them more than just close or don't open this account.

Can I interest you in some Iraqi Dinars? Or to quote King Arthur,"Run away...Run away...!"

I have a little more information- he says this is a Security Company and he has one with Ghana.

Congratulations on your new hobby!

There are ways to back up these claims. If it's a legit security company, ask him for copies of his contracts. Let's assume this that relationship is generating enough revenue to justify opening the account, you're still going to want to know who he is doing business with.

Strictly wires and cash in the account. What could go wrong.

It is not like it is coming from a high risk geography or something like that.

I think it's pretty clear that if your bank allows this account to open, it will have to spend inordinate amounts of time checking out sources and beneficiaries of funds in a country where there are better than average odds you'll be looking at OFAC matches and other undesirable outcomes. I cannot fathom how any bank other that those already intimately involved in moving funds through the Middle East could possibly profit from such an account.

But John, he is such a good customer and a friend of one of the loan officers.....besides, what could possibly go wrong?

Those always turn out well...............NOT

You forgot to state that he's really nice. That's the main thing.

And..... don't forget that he's in the branch all the time. The tellers know him. So, that means he's a good customer.

Y'all feel better after venting all that pent-up frustration?

Yup! Oh wait. Was that a rhetorical question?

Y'all hold my beer, I have a few more:

"Why are you intent on creating a negative customer experience?"

"Nothing great has ever begun with the word No."

"We're not looking for ways to say no, we're looking for ways to say Yes." (This was actually a graphic that was not so subtle and placed on the wall outside my office at my former employer)