- November 25, 2021
- Posted by: global361
- Category: Compliance
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