What is the most common type of wire transfer fraud?
We do call-backs for every wire transfer request. Won’t this practice eliminate fraud?
We have a contract that says the business is responsible for losses associated with fraudulent wires, so isn’t our bank covered?
Relative to BSA/AML, is there anything within FFIEC guidelines, or anything else for that matter, that states a bank must get the purpose for a wire/funds transfer? At a previous institution that I worked at we were cited by the OTS because we were not obtaining the purpose for a wire transfer. I have spoken to other colleagues and they, too have been cited; however, no one can find where this is an actual BSA requirement.
By FinCEN Office of Regulatory Analysis
Why is it that most banks that originate outgoing wire transfers require a physical address (no PO boxes) for the beneficiary? Is this a compliance requirement and if so, where is it established? I have looked at Reg J, the UCC, the BSA exam manual and the travel rule without much luck. The latter proved more helpful than the others, but still offered little justification for the requiring of the beneficiary's physical address. In this regard, the rule states that the originating bank is only required to retain "beneficiary information provided by the requestor" which may or may not include an address. Any help in determining how and/or why this no "PO box policy" was derived would be greatly appreciated.
What are some characteristics to spot a kiting situation on in- and out-going wire transfers?
When filling out the CTR concerning incoming wires, why do we have to fill out the wire transfer if it is not cash? If does have to be filled out, where do we list the dollar amount in cash-in?
Should a SAR be completed on a customer that has had one CTR every week for the last 6 months?
Are banks required to search the OFAC lists on domestic banks when wiring funds?