out of country customer

We have a customer who will be living abroad but wants to continue his relationship with our bank. He will be wiring funds to and from his accounts with us.

What are some safeguards we can put in place to protect all parties given that the activity will be faceless?

BSA increased monitoring and a higher risk rating, depending on where the customer goes and the types of transactions you expect, and see.

If this is SS deposit in, and wire out, no biggie. If this is $500M in and $500M out, biggie.

Authentication of the customer's wire instructions could be a challenge. You need to set up in advance how the customer will transmit wire instructions to you, and how you can verify the instructions are legitimate. One way to do this is to set up a list of endpoints to which your customer expects to wire funds (for instance, perhaps there are only two overseas accounts he will use).

you may also want to look at PIN based transactions, with a changing authentication key for each transaction. Get to bit a tad pricier than using the same test key over and over, but could save you from losses in the long run

If you decide to continue the relationship, be sure you know where your customer lives. OFAC has rules you must follow for certain nations.

For example, it's OK for a bank to hold an account for an owner who is living in Iran, however, you can't let the customer directly conduct transactions while they live there.