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#1816100 - 05/21/13 02:49 PM Should we file a SAR
dac Offline
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Joined: Sep 2009
Posts: 234
We had a customer deposit a $6000 cashier’s check into their bank account and then immediately withdraw the funds the following day. The check was then returned to us as “unable to locate bank account” and we found it to be a fraudulent item. Our bank customer claims that the check was from a sale of an automobile but nothing was adding up to make sense of the situation. We contacted the local authorities and finally recovered the monies a few weeks later. The bank account has since been closed. Should our financial institution file a SAR?

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BSA/AML/CIP/OFAC Forum
#1816113 - 05/21/13 03:04 PM Re: Should we file a SAR dac
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,694
Illinois
I'd say chances are, your customer was the victim of a Craigs List or EBay overpayment scam.

Craiglist scams

Since the amount exceeds $5,000, if you can identify a suspect (i.e. the recepient of the funds your customer wired) file a SAR on that individual and list your customer in the narrative. If you conclude that your customer knew that the check was fake and cashed it anyway, then file on your customer.
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