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Cannot Find Source of Funds-Close Account?

The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?

Answer by Randy Carey: Closing the account is a decision to be made by the bank. If the account relationship is not profitable, considering all the extra monitoring time and effort, I would close it.


Answer by Kathleen Blanchard: The bank should also consider that, if this spouse does not also have an account with your bank, you have an individual who has not been through your CIP process using your bank, via his wife's account.

First published on 9/24/12

First published on 09/24/2012

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