Skip to content
BOL Conferences
Thread Options
#2214453 - 05/28/19 08:17 PM Filing a SAR or not filing a SAR
Couples Offline
Gold Star
Joined: Apr 2009
Posts: 280
The Igloo
We received a check in an envelope with a return address of an individual in Co. Inside the envelope was a very suspicious looking cover letter from Continental Currency Exchange with a message that made no sense. Inside the message was the name of one of our bank customers and their correct account number. Along with the letter was a check to our customer from another company in MA for over $78,000.

One of our tellers got suspicious and brought the documents to my attention and we quickly determined the check was fraudulent. Our customer did not know the name of the company who supposedly sent the check and the invoice number referenced in the letter was not their invoice number. Our customer had been "dealing" with an overseas company and our customer received an email from that company the day we received the check and it indicated they overpaid our customer and please touch base to determine the best way for our customer to give the funds back.

The check was not deposited and our security manager was made aware of the fraudulent attempt.

As I write this, it sounds like a SAR should be filed but I am not 100% certain. Nothing was ever deposited into the customer's account and they were not expecting a check or were not aware of the company that supposedly sent the check. (Turns out they had a number of fraudulent checks written on their account.)


Can anybody give me any insight? Thank you!

Return to Top
BSA/AML/CIP/OFAC Forum
#2214461 - 05/28/19 08:46 PM Re: Filing a SAR or not filing a SAR Couples
Obi Offline
100 Club
Joined: Oct 2004
Posts: 181
Unknown suspect over $25,000, I would file.

Return to Top
#2214471 - 05/28/19 10:31 PM Re: Filing a SAR or not filing a SAR Couples
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
Agreed, attempted fraud with possible unknown suspect over $25,000, I would need some serious extenuating circumstances and additional information to not file.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top
#2214475 - 05/29/19 04:25 AM Re: Filing a SAR or not filing a SAR Couples
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
I agree with the SAR.

This is a variation on the counterfeit check scams. Only in this situation, the scammer sent the check to the bank instead of to the victim (your customer). But what they undoubtedly told the victim was that they would wire or send a direct deposit to his/her account. Of course, the customer wouldn't know that a check was mailed to the bank- they would only know that their balance got bigger.

Ask your customer to provide copies of the emails/correspondence so you have them for your fraud file. In addition, you may want to suggest that your customer file a complaint on ic3.gov

Return to Top
#2214484 - 05/29/19 01:09 PM Re: Filing a SAR or not filing a SAR Couples
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,796
You are here
File away
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#2214489 - 05/29/19 01:28 PM Re: Filing a SAR or not filing a SAR Couples
Couples Offline
Gold Star
Joined: Apr 2009
Posts: 280
The Igloo
Thanks! I needed some validation!

Return to Top

Moderator:  Andy_Z