Skip to content
BOL Conferences
Thread Options Tools
#1818 - 05/25/01 02:50 PM Internet email payments
Anonymous
Unregistered

Maybe I'm thinking too hard about this, but I'm wondering if we have a new issue to think about in regard to BSA and money laundering. There are more and more internet services out there where someone can sign up and send funds virtually anywhere in the world to anyone who has an email address. Are we, as the bank holding the checking account of the sender, under any liability or responsibility for where these funds go? (i.e. OFAC)

Return to Top
General Discussion
#1819 - 05/25/01 05:40 PM Re: Internet email payments
Dolly Nugent Offline
Diamond Poster
Dolly Nugent
Joined: Nov 2000
Posts: 1,820
Southern California
The vendor that handles your electronic banking payments should be screening for OFAC.

Dolly Nugent
Vice President
Compliance Officer
Citizens Business Bank

_________________________
Dolly Nugent
CRCM
Opinions expressed are my own.

Return to Top
#1820 - 05/29/01 12:22 PM Re: Internet email payments
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The Financial Action Task Force certainly is concerned about the potential of the Internet for money laundering. Take a look at Money Laundering Typologies for their February 2001 Report on Money Laundering Typologies. (28 pages).

[This message has been edited by John Burnett (edited 05-31-2001).]

_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1821 - 05/31/01 12:50 PM Re: Internet email payments
Anonymous
Unregistered

Thanks, John, for the link to the report. It is great information.

Return to Top
#1822 - 05/31/01 02:31 PM Re: Internet email payments
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
John, there is a typo in the link. There should be an underscore, not a dash, between AR2000 and en:
http://www.oecd.org/fatf/pdf/AR2000_en.pdf

Also, the .pdf file is 99 pages. The Annexes (Appendixes?) start on page 29. Tell Adobe Acrobet Reader to print only pages 1-28. You might also want to load pre-punched paper before printing.

------------------
Al Miller, CRCM
Fremont Bank (CA)
(510) 790-5825
(510) 505-5211 FAX

Opinions expressed are my own and not necessarily shared by my employer.

_________________________
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

Return to Top
#1823 - 05/31/01 06:30 PM Re: Internet email payments
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Actually, I pointed to the wrong document completely! The link in Al's message is also a valuable one. But go back to my earlier post (where I have updated the link) and take a look at the other report.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top