P2P payments and BSA

Answered by:

Question:

We see our customers using person-to-person payments. Why are customers using this service?

Answer:

Customers use person to person payments for a variety of reasons. While it’s rare, on occasion P2P payments can be used for criminal purposes. Person to person payments like Popmoney and Google Wallet/Android Pay are alternatives to writing a check. For BSA purposes, you want to look for patterns that don’t make sense.
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Learn more about Deborah Crawford’s webinar Managing BSA risk of new payment methods