Consultant for New Bus. in IRAQ

Posted By: Lele

Consultant for New Bus. in IRAQ - 04/19/17 10:17 PM

We have a customer that states he is a "Consultant for New Businesses in Other Countries' - IRAQ and Africa. I feel Red Flags all over this account. Opened with $100 cash. Says he will be sending and receiving wires to IRAQ and Africa monthly from $5-10,000. Cash w/d will be through ATMs. I also feel this could be a scam on him and on the 'new businesses' he is consulting with. Has anyone opened an account like this? Or heard of this as being a scam?
Posted By: rlcarey

Re: Consultant for New Bus. in IRAQ - 04/19/17 10:31 PM

Just say no.
Posted By: Lele

Re: Consultant for New Bus. in IRAQ - 04/19/17 10:35 PM

I agree.. I'm the BSA Officer/Compliance and always like to give them more than just close or don't open this account.
Posted By: BrianC

Re: Consultant for New Bus. in IRAQ - 04/19/17 10:40 PM

Can I interest you in some Iraqi Dinars? Or to quote King Arthur,"Run away...Run away...!"
Posted By: Lele

Re: Consultant for New Bus. in IRAQ - 04/19/17 10:43 PM

I have a little more information- he says this is a Security Company and he has one with Ghana.
Posted By: Elwood P. Dowd

Re: Consultant for New Bus. in IRAQ - 04/19/17 10:56 PM

Congratulations on your new hobby!
Posted By: ACBbank

Re: Consultant for New Bus. in IRAQ - 04/20/17 01:02 PM

There are ways to back up these claims. If it's a legit security company, ask him for copies of his contracts. Let's assume this that relationship is generating enough revenue to justify opening the account, you're still going to want to know who he is doing business with.
Posted By: Daisy Doodle

Re: Consultant for New Bus. in IRAQ - 04/20/17 01:09 PM

Strictly wires and cash in the account. What could go wrong.
Posted By: edAudit

Re: Consultant for New Bus. in IRAQ - 04/20/17 01:11 PM

Originally Posted By Daisy Doodle
Strictly wires and cash in the account. What could go wrong.


It is not like it is coming from a high risk geography or something like that.
Posted By: John Burnett

Re: Consultant for New Bus. in IRAQ - 04/20/17 01:16 PM

I think it's pretty clear that if your bank allows this account to open, it will have to spend inordinate amounts of time checking out sources and beneficiaries of funds in a country where there are better than average odds you'll be looking at OFAC matches and other undesirable outcomes. I cannot fathom how any bank other that those already intimately involved in moving funds through the Middle East could possibly profit from such an account.
Posted By: RockChucker, CAMS

Re: Consultant for New Bus. in IRAQ - 04/20/17 04:37 PM

But John, he is such a good customer and a friend of one of the loan officers.....besides, what could possibly go wrong? wink
Posted By: Peach

Re: Consultant for New Bus. in IRAQ - 04/20/17 05:21 PM

Those always turn out well...............NOT
Posted By: Just Jean

Re: Consultant for New Bus. in IRAQ - 04/20/17 06:18 PM

You forgot to state that he's really nice. That's the main thing.
Posted By: kw004h

Re: Consultant for New Bus. in IRAQ - 04/20/17 06:38 PM

And..... don't forget that he's in the branch all the time. The tellers know him. So, that means he's a good customer.
Posted By: John Burnett

Re: Consultant for New Bus. in IRAQ - 04/20/17 07:55 PM

Y'all feel better after venting all that pent-up frustration? wink
Posted By: RockChucker, CAMS

Re: Consultant for New Bus. in IRAQ - 04/20/17 10:54 PM

Yup! Oh wait. Was that a rhetorical question?
Posted By: thomasj

Re: Consultant for New Bus. in IRAQ - 04/21/17 01:01 PM

Y'all hold my beer, I have a few more:

"Why are you intent on creating a negative customer experience?"

"Nothing great has ever begun with the word No."

"We're not looking for ways to say no, we're looking for ways to say Yes." (This was actually a graphic that was not so subtle and placed on the wall outside my office at my former employer)