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#787870 - 08/02/07 03:38 PM International Auto Shipments
Willy Offline
New Poster
Joined: Oct 2004
Posts: 2
We are seeing an uptick in customers who receive incoming wires from foreign countries for the purpose of purchasing autos in the U.S. and then shipping them out to foreign destinations. As you might imagine, the foreign destinations are all "high risk" countries. The wires are received and then our clients immediately withdraw most of the funds in cash to pay for the vehicle and shipping.

Due to the risk involved, we are obviously uncomfortable with the activity. I'm curious as to if other institutions are also seeing an increase in this type of activity.

Input and comments greatly appreciated. Thanks.

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#787880 - 08/02/07 03:45 PM Re: International Auto Shipments Willy
Hrothgar Geiger Offline
10K Club
Hrothgar Geiger
Joined: Jun 2005
Posts: 10,395
Jersey Shore
Seen it, studied it, SAR'ed it.

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#788142 - 08/02/07 06:24 PM Re: International Auto Shipments Hrothgar Geiger
Rosie O'Grady Offline
Gold Star
Rosie O'Grady
Joined: Nov 2005
Posts: 438
California
As AML-Barbarian states, we've seen it too and have submitted SARs.

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#791483 - 08/08/07 08:54 PM Re: International Auto Shipments Willy
Little Miss BSA Offline
Diamond Poster
Little Miss BSA
Joined: May 2007
Posts: 1,185
Miami
Originally Posted By: Willy
We are seeing an uptick in customers who receive incoming wires from foreign countries for the purpose of purchasing autos in the U.S. and then shipping them out to foreign destinations. As you might imagine, the foreign destinations are all "high risk" countries. The wires are received and then our clients immediately withdraw most of the funds in cash to pay for the vehicle and shipping.

Due to the risk involved, we are obviously uncomfortable with the activity. I'm curious as to if other institutions are also seeing an increase in this type of activity.

Input and comments greatly appreciated. Thanks.



We have customers that fit this activity description - I suggest that you look closely at the account, if needed request invoices and shipping receipts, etc. If you still don't like the activity then as I always tell my staff, follow your gut instinct...they're usually never wrong. Lastly if you do all of the above and still feel like you're unsure, contact your local regulator/examiner and ask for guidance.
_________________________
"Never allow someone to be your priority while allowing yourself to be their option!"

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#792277 - 08/09/07 08:56 PM Re: International Auto Shipments Little Miss BSA
BSAHeadaches Offline
100 Club
Joined: Feb 2007
Posts: 111
Some where in NE Area
We've seen it here too...SARs were done!!!

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