Wire Transfer and Rules

Wire and Funds transfer activities

➢ Customer is reluctant to give an explanation for the remittance

➢ Customer orders wire transfers in small amounts in an apparent effort to avoid

triggering identification or reporting requirements

➢ Customer receives large sums of money from an overseas location and the

transfers include regulations for payment in cash

➢ Customer makes frequent or large funds transfers for individuals or entities who

have no account relationship with the institution

➢ Customer receives frequent funds transfers from individuals or entities who have

no account relationship with the institution

➢ Customer receives fund transfers and immediately purchases monetary

instruments prepared for payment to a third party, which is inconsistent with or is

outside the normal course of business of the customer

➢ Customer requests payment in cash immediately upon receipt of a large funds

transfer

➢ Customer instructs the banks or the financial institution to transfer funds abroad

and to expect an equal incoming transfer

➢ Immediately after transferred funds have cleared the customer moves the funds to

another account or to another individual or entity

➢ Customer shows unusual interest in funds transfer systems and questions the

limit of what amount can be transferred

Wire and Funds transfer activities

➢ Customer transfers funds to another country without changing the currency

➢ Large incoming wire transfers from foreign jurisdictions are removed immediately

by company principals

➢ Customer sends frequent wire transfers from foreign jurisdictions are removed

immediately by company principals

➢ Customer sends frequent wire transfers to foreign countries but does not seem to

have any connections to such countries

➢ Wire transfers are received from entities having no apparent business connection

with the customer

➢ Size of funds transfers is inconsistent with normal business transactions for that

customer

➢ Rising volume of remittances exceeds what was expected from the customer

when the relationship was established

➢ Several customers request transfers share common identifies, such as family

name, address or telephone number

➢ Several different customers send transfers that are similar in amounts, sender

names, test questions, free message text, and destination country

➢ Customer sends or receives multiple transfers to or from the same individual

➢ Stated occupation of the customer or the customer’s financial standing is not in

keeping with the level or type of activity (e.g. unemployed individual who receives

or sends large number of wire transfers)

Wire and Funds transfer activities

➢ Customer requests transfers to a large number o recipients outside the country

who do not appear to be family members

➢ Customer does not appear to know the recipient to whom he or she is sending the

transfer

➢ Customer does not appear to know the sender. of the transfer from whom the

transfer was received

➢ Beneficiaries of wire transfers involve a large group of nationals of countries

associated with terrorist activity

➢ Customer makes funds transfers to other businesses abroad that are not in line

with the customers business

➢ Customer conducts transactions involving countries known as narcotic source

countries or as transshipment’s points for narcotics or that are known for highly

secretive banking and corporate law practices