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#2256079 - 06/28/21 08:49 PM Wire to Beneficiary in Colombia
Libby P. Offline
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Joined: Sep 2007
Posts: 573
Mississippi, USA
We have a wire transfer going from an account in our bank to a receiving bank located in the US for a beneficiary account in Bogota, Colombia. Is this a domestic or foreign wire transfer?
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Lela Purvis, CRCM/CCBCO/CBAP


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#2256090 - 06/28/21 09:04 PM Re: Wire to Beneficiary in Colombia Libby P.
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
You mean you are using an intermediate bank to make the foreign wire transfer for you?
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#2256091 - 06/28/21 09:07 PM Re: Wire to Beneficiary in Colombia Libby P.
Libby P. Offline
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Joined: Sep 2007
Posts: 573
Mississippi, USA
The wire is going to a US bank. The beneficiary name is "XYZ Company" located in Bogota, Colombia.
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Lela Purvis, CRCM/CCBCO/CBAP


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#2256093 - 06/28/21 09:16 PM Re: Wire to Beneficiary in Colombia Libby P.
ColoradoAML Offline
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Joined: Mar 2018
Posts: 233
If the wire instructions don't direct the funds outside of the US, it's domestic.

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#2256109 - 06/29/21 03:17 PM Re: Wire to Beneficiary in Colombia Libby P.
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 3,959
New York City
What do the wire instructions state?
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#2256185 - 06/30/21 08:22 PM Re: Wire to Beneficiary in Colombia Libby P.
Goodland Offline
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Joined: Nov 2015
Posts: 26
For operational fees, Domestic. For BSA reasons, Foreign.

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#2256214 - 07/01/21 02:53 PM Re: Wire to Beneficiary in Colombia Libby P.
Libby P. Offline
Platinum Poster
Joined: Sep 2007
Posts: 573
Mississippi, USA
ACBbank - the instructions state to wire the money from an account at our bank to an account at another U.S. based bank. The address of the recipient shows the Colombia address.

Goodland - Why is it foreign for BSA reasons? Is is because we have knowledge that the recipient resides in Colombia?
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#2256220 - 07/01/21 03:40 PM Re: Wire to Beneficiary in Colombia Libby P.
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
It is a domestic wire transfer. All that means is that the company that is located in Columbia has an account at the recipient US Bank. The vetting of that company is really up to that other bank as long as it passes OFAC, but it might trigger an internal look at your own customer as to why they are wiring money to an entity located in Columbia.
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#2256266 - 07/02/21 02:52 PM Re: Wire to Beneficiary in Colombia Libby P.
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,714
You are here
All that aside if this is where tis is going ,there are many legitimate industries on Columbia in addition to the potential for suspicious activity.

https://www.worldstopexports.com/colombias-top-10-expor
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