There are some attorneys in Miami that are telling clients that they do not have to file a SAR for wire transfer fraud. Are there any circumstance when this is correct?
Do you have to fill out a CTR form for the government if it is a wire transfer that is being sent over 10,000.01? I've heard different things in this area.
When sending wire transfers for a customer who regularly sends wires, is it necessary to check this customer against OFAC each time, or would it be sufficient to check them each time OFAC posted an update? I understand the importance of checking the non-customer, but was a little dismayed at the prospect of checking customer Smith each time he wires.
Does the BSA require the originating bank of a wire transfer over $3,000.00 dollars to have both the name and address of the beneficiary?