SARs and Squares?

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Question:

We have a customer who is using a Square for his lawn service business. We see money going into the account but there is no other business activity. The money is withdrawn in cash. Should we be concerned?

Answer:

The examiners are particularly interested in customers operating business out of apersonal account , particularly with these new payment mechanisms. The question is whether there really is a business here or the customer is cutting a different kind of grass. Examine all the facts to determine the activity is suspicious.
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Learn more about Deborah Crawford’s webinar Managing BSA risk of new payment methods