Q: What questions would you ask an FI if there are multiple return lines, either from a single customer or from multiple customers? Therefore, your systems can take the data that is in all these beautiful separate fields and then search for specific countries or search for specific addresses. So, you can more accurately determine whether it is normal for this customer to send a transfer to that country or to receive a bank transfer from that other country? And it also helps tangentially in OFAC filtering, as you can also search for the address of a sanctioned party, such as name. Q: Will you provide guidelines for OFAC referral screening? For example, is it necessary for OFAC to audit national banks? The patterns come as criminals use increasingly sophisticated scams, including impersonating customers and ordering irreversible transfers. “In addition to working through law enforcement or a potentially long chain of correspondents, banks needed a fast and efficient method to thwart theft through cash fraud,” said Samantha Pelosi, senior vice president of BAFT. “These pre-negotiated agreements will be a crucial tool for a bank trying to encourage its counterpart to act when time is of the essence.” And then they started initiating remittances of these similar amounts to see if they could get away with it. Therefore, surveillance systems would not necessarily accept it. Q: Do you ask for a professional or natural business for the shipper and detailed information about the major shareholders who have 10% or more of the relationship between the shipper`s recipients as documentary evidence of the shipper`s source of funding? It probably also depends on the risk assessment that one of the banks that provides the corresponding services to the bank that does not have this access by bank transfer, for example, what is their risk assessment of that bank. Q: If a transfer was received from a bank account that previously had suspicious activity, do you consider that suspicious activity? A: Let`s say both are US banks, and you use Fed-Wire and try to use your bank`s routing number as the sender. And for the recipient, try using their SWIFT code, which you still need to fill in that recipient`s custodian, the Fed routing number, the Fed can make a transfer without that sender`s ID and the recipient`s ID Fed account, the Fed routing number. Let`s say they were tricked into sending a fraudulent transfer to a third party. The topics discussed on our SAR would be these third parties. So, are you on your outgoing sons exactly where the traveler would ask our outgoing sons? Enter all the mandatory information, and then what do you do, if any, to validate it? A: That`s right. So they can still have their customers processed by bank transfer, it`s just someone else who needs to help them, another bank has to help them by inserting it into the system for them.
Q: What are the key elements of referrals that are audited by internal or external auditors? A: Not necessarily, no, because that too is dictated by the author. For example, if I know customers who regularly pay the same entity by bank transfer, they don`t necessarily have to type anything into this explanation field. In this webinar, Laurie Kelly, CAMS, shares her knowledge and 20 years of experience leading the anti-money laundering, fraud and sanctions compliance functions for a $130 billion U.S. financial institution that has processed 12,000 to 15,000 transfers per day. The harmless holdback agreement says, “Okay, if our client comes after us, you`re the one to blame, your bank that got those funds back, not us.” But I`ve never had a problem with that because you know it will be fraudulent before you even try to cancel that transfer or ask for the money. And often, much of the money has been withdrawn. I received partial refunds for fraudulent transfers because the party was sitting on the other end, waiting for the notification to arrive. And then they are directly at the bank to withdraw the money.
A: If it is a fraudulent transaction, if it is an incorrect amount or account number, it can be cancelled. Transfers are usually irreversible, and that`s because it`s an ad hoc transaction. It also has a lot to do with the fact that the legal aspects behind it are a kind of non-negotiable transfer that was supplemented by a payment order and then processed immediately. And that was simply historically the nature of remittances. Q: If a bank is a member of the Fed, it can use the Fed bank transfer, right? Q: Given that most foreign transfers have serious data problems, so partly jurisdictional information, named accounts, what was your bank`s policy regarding correcting or interpreting geospatial data for risk for each transfer? A: When it comes to money laundering risks, I think remittances pose a greater risk of money laundering because they are more effective and more popular with money launderers for the reasons I mentioned. .