It is pretty simple. He is laundering money if he is buying checks at a premium with cash and also most likely an unregistered MSB if the checks are more than $1,000.
Reason for Suspicious Activity on SAR
We have a customer who asks for random people's help by having them issue checks to him and he provides them cash (more than the amount on check) in return. For us, it's suspicious but don't know what is the best reason to put in the SAR?
First published on 11/10/2019