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.