I would appreciate any insight with business customer activity. Scenario: Two individuals own multiple businesses together. Each business is either an LLC or corporation. There are three business accounts as an example.
Company A, LLC
Company B, Inc.
Company C, Inc.
The deposit activity is unusual: Deposits into Company A, LLC will contain checks issued Company B.
Deposits into Company B will contain checks issued to Company C
And Company C, Inc. will have checks issued to them from various other businesses in which the bank doesn't have the account.
The work up indicates there are small businesses they own, however, I have nothing that determines which goes with what. Also, WHY would the business switch around the deposits in such a way? Accounting nightmare. Discussions with branches indicate the customer will straighten in out, then gave an excuse of "secretary isn't the brightest". The secretary isn't making the deposits - the owners are. Large amounts of cash is also deposited.
Given the continued activity, I feel a SAR is warranted - for Suspicious Use of Multiple Accounts?? Is there anything else I may be missing? Appreciate feedback.