FinCEN says that “Banks specifically are expected to “obtain information at account opening sufficient to develop an understanding of normal and expected activity for the customer’s occupation or business operations.” In short, to understand the typ
Subpoena? Don’t freak out! When you receive a subpoena or other legal process, you need to methodically move through a framework for analysis that will aid you in determining what you need to do and how to do it.
Wire transfer fraud is a multi-million dollar “business.” Organized crime groups continue to profit from wire fraud, especially in recent scams where they cleverly dupe a company’s authorized person into sending a wire transfer.
You may be banking third party payment processors (TPPPs) and in some instances you may not even realize it. Third party payment processors are considered high risk and you must follow BSA guidance in mitigating that risk.