Skip to content
BOL Conferences
Thread Options
#2172276 - 04/06/18 02:49 PM INSURANCE AGENT VS BANK CUSTOMER - SUSPICIOUS?
Bank of Winona Offline
New Poster
Joined: May 2016
Posts: 4
We recently had a bank customer inquire about a lapse in his insurance policy - NOTE - the customer has a loan with our bank and we received a notification that his insurance policy had expired. This led to further investigation from the customer and bank staff. It was discovered that the agent deposited the customer's check in January - but did not submit his payment until much later in February which caused him to lose coverage. My question is - does the bank file a SAR - or do we leave this between the insurance agent and the customer (which happens to be a mutual customer of the bank)?. Thank you - for your help with this one...

Return to Top
BSA/AML/CIP/OFAC Forum
#2172287 - 04/06/18 03:03 PM Re: INSURANCE AGENT VS BANK CUSTOMER - SUSPICIOUS? Bank of Winona
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You don't have a dog in this fight...
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#2172289 - 04/06/18 03:05 PM Re: INSURANCE AGENT VS BANK CUSTOMER - SUSPICIOUS? Bank of Winona
Daisy Doodle Offline
Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
Could be a bookkeeping error by the agent-isolated. If you have more customers come in and complain about the same agent, maybe.

Return to Top
#2172293 - 04/06/18 03:15 PM Re: INSURANCE AGENT VS BANK CUSTOMER - SUSPICIOUS? Elwood P. Dowd
Bank of Winona Offline
New Poster
Joined: May 2016
Posts: 4
Thanks!
Last edited by Bank of Winona; 04/06/18 03:16 PM.
Return to Top
#2172299 - 04/06/18 03:28 PM Re: INSURANCE AGENT VS BANK CUSTOMER - SUSPICIOUS? Bank of Winona
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
Agree, you don't have any real indication that anything suspicious(criminal) has occurred. It could be something as simple as they had someone leave the company and it fell through the cracks.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top

Moderator:  Andy_Z