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Figuring out cash deposits

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Question: 
We have many customers that deposit a lot of cash. How do we determine if the amount is reasonable?
Answer: 

Simply stating that a business is “cash intensive” is not sufficient enhanced due diligence for a high risk customer. We should understand the business well enough to know what is normal and expected cash volumes. Enhanced due diligence may include requesting business financial documents, reviewing cash activity over time to look for unexplained spikes in volume and a comparison to similar businesses.

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Learn more about Brian's webinar High Risk Customer Identification and Monitoring

First published on 05/29/2016

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