CTR
What does CTR Stand for and what triggers it
Currency Transaction Report Cash transactions over 10000.00
How do we get to know our customer
Talk to them! ~Observe them~
What are some ~weird check things~ that cause a red flag
Odd memo lines, different handwriting on the checks, different pen colors, different signatures, different style of writing, checks out of sequence.
Chris comes in to do a wire he says hes sure its fine its his golf bud he's wiring funds to. The instructions say they are Citizens ABA but when typing them in WITS it is Cape5, is this a red flag
Yeah
Where does fraud prevention start.
With us asking questions and us educating them<3
Myra doing three deposits in one day each deposit has $9,000. Will this trigger a CTR
Yes - it is aggregated over 10k
We live in an elderly populated area what are some red flags with old people?
Large withdrawals all of a sudden, a new partner coming in with them, random mood changes and looking ratty, if the recent activity is weird
What is an altered check? (Can you give an example)
When looking for a signature match on a check where do you look?
What info do we need from someone triggering a CTR
SSN, Name, Physical Address, Phone Number, DOB, Occupation, Identification
Garrett comes in to do a wire but to his mom in Virgina - he does wires all the time this should be fine right?
Well, we know our customer- no! His mom is in Florida. Even though we trust Garret we should still be cautious
What is a stolen/forged check (Can you give an example)
When someone steals a check to attempt to negotiate them frequently . EX: If Briana steals a check out of Nicoles mailbox made out to Michelle and Briana creates a fake ID in Michelles name attempting to negotiate the check OR Briana steals a new book of Nicoles checks and creates a fake ID of the drawer and presents it for cashing
Is an email a sufficient way to get wire instructions?
While yes, sometimes people will get sent them via email. Scammers often are in businesses email and will hijack the email and send frequently instructions. Its always best they call and confirm with a number not in the email.
A hacker moving money from my Savings account to my checking account on my online banking is no big deal
Wrong - that's typically what they do when they say they "overpaid" us and is still a compromise
What must we always do in a transaction that will trigger a CTR
Steve Hathaway comes in and one day when doing a transaction a pop up flag comes up should you read it
Absolutely. Never dismiss a pop up flag there could be crucial info in that note
What is check kiting! (Can you give an example)
Writing checks on accounts whose balances primarily consist of uncollected funds, the criminal takes advantage of the lag time in the collection process.
EX: Monday, Courtney deposits a $500 check from account A into account B and then shortly after deposits a $500 check from account B into account A. On Tuesday, another round of deposits is made as well as some partial withdrawals. On Wednesday, one bank collects its monies from account A, while another collects its monies from account B. But there is no actual money in either account
What is the act for international wires and what is the wait time in it?
Dodd-Frank, and thirty minutes
If you are concerned about a customer where do you go
Refer to your management teams, and security