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#637807 - 11/14/06 01:46 PM ACH and Suspicious Activity
Tocomply Offline
Platinum Poster
Joined: Nov 2004
Posts: 650
Does anyone verify ACH transactions for suspicious activity and what do you use as a red flag?

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BSA/AML/CIP/OFAC Forum
#637808 - 11/14/06 01:48 PM Re: ACH and Suspicious Activity
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
I look for specific entities; Neteller, iGM-Pay, FirePay, as higher risk. I also try to separate out payroll and billpay transactions as lower risk.

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#637809 - 11/14/06 02:09 PM Re: ACH and Suspicious Activity
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
You should also look for indicators of MSB activity, such as payments to Western Union or Travelers Express, and indicators of private ATM operation.

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#637810 - 11/14/06 02:13 PM Re: ACH and Suspicious Activity
Hrothgar Geiger Offline
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Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
Good point!

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#637811 - 11/14/06 03:41 PM Re: ACH and Suspicious Activity
Tocomply Offline
Platinum Poster
Joined: Nov 2004
Posts: 650
Do you do this manually?

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#637812 - 11/14/06 03:44 PM Re: ACH and Suspicious Activity
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
Quote:

Do you do this manually?


No, through our AML monitoring software.

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#637813 - 11/14/06 05:31 PM Re: ACH and Suspicious Activity
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
AML-Barbarian, which software do you use?

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#637814 - 11/14/06 05:37 PM Re: ACH and Suspicious Activity
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
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