SAR or NAH
An elderly customer requests a large withdrawal for “home repairs” but can’t explain what repairs are being done or who is doing the work. SAR or NAH?
SAR – RED FLAGS FOR ELDER FINANCIAL EXPLOITATION
A customer receives a pop-up warning that their computer has been compromised. They call the number provided and are instructed to give the caller remote access to their computer and send money to fix the problem. NAME THAT SCHEME
TECH SUPPORT SCAM
What must you obtain from the person conducting a cash transaction that prompts a CTR?
THE PHYSICAL ID
At what cash amount is a CTR required?
$10,000.01 OR MORE
A check is written for $5,000. The numerical amount is correct, but the written amount originally says “five hundred”, but “hundred” is crossed out and “thousand” is written in, and the correction is initialed by the maker. SAR or NAH?
NAH- THE MAKER CORRECTED AND INITIALED THE ERROR.
A customer receives a call from someone claiming to be with the IRS. They are told they owe back taxes and must make an immediate payment to avoid arrest. NAME THAT SCHEME
IMPERSONATION SCAMS
What information must be recorded when a customer purchases an official check with cash between $3000 and $10,000?
THE PURCHASER’S IDENTIFYING INFORMATION AND CASH AMOUNT
What is the maximum number of individuals whose information may be required on a Beneficial Ownership form?
FIVE (5). FOUR BENEFICIAL OWNERS WHO OWN AT LEAST 25% AND ONE CONTROL PERSON WHO IS RESPONSIBLE FOR DAY TO DAY OPERATIONS.
A loan applicant provides income and employment documents that appear legitimate. While independently verifying the information, you find the employer’s contact information and other details don’t match what was provided in the application. The customer insists the documents are accurate. SAR or NAH?
SAR – POSSIBLE FALSIFIED LOAN DOCUMENTATION
A customer frequently deposits checks drawn on their account at another bank. Before those checks clear, they write checks from this Bank back to the other account and also make cash withdrawals against the deposited funds. This pattern continues between the accounts. NAME THAT SCHEME
KITING
If a customer asks why the bank needs additional information, what can you tell them?
IT IS REQUIRED BY REGULATION/BANK POLICY.
What does OFAC stand for, and what does it do?
OFFICE OF FOREIGN ASSETS CONTROL. ADMINISTERS AND ENFORCES US SANCTIONS. IT IS A LIST OF INDIVIDUALS, BUSINESSES, AND VESSELS WE CAN NOT DO BUSINESS WITH.
A customer repeatedly calls asking if an expected wire has arrived and seems unusually anxious about it. A $65,000 wire eventually arrives from an insurance company with details identifying it as a settlement payment for a house fire. SAR or NAH?
NAH – THE WIRE HAS A LEGITIMATE, IDENTIFIABLE SOURCE AND PURPOSE.
A customer is unusually friendly and talkative, asks the employee personal questions, and repeatedly changes details of the transaction. While the employee is processing it, the customer continues asking unrelated questions, rushing them, and trying to keep their attention away from the transaction. NAME THAT SCHEME
SOCIAL ENGINEERING/BEHAVIORAL RED FLAGS
When must a customer’s risk rating be completed?
AT ACCOUNT OPENING, A TRIGGERING EVENT, OR AS THE CUSTOMER’S RISK CHANGES.
KYC – Know Your Customer – what is its purpose?
TO UNDERSTAND THE CUSTOMER, THE NATURE OF THEIR RELATIONSHIP, AND EXPECTED ACTIVITY WITH THE BANK.
A customer who historically makes occasional cash deposits begins making frequent deposits of $1500 to $3000, sometimes more than once in the same day. The deposits occur at different branches and different tellers, and the activity continues over several weeks. SAR or NAH?
SAR – RED FLAGS OF MICRO STRUCTURING AND MONEY LAUNDERING
A business customer makes frequent cash deposits that appear consistent with the type of business. The customer then regularly purchases official checks payable to different individuals and business that have no apparent connection to the business or its normal expenses. NAME THAT SCHEME.
MONEY LAUNDERING
If you identify unusual or suspicious activity, how should you escalate to BSA, and what should you include?
IN WRITING. WHO, WHAT, WHEN, WHERE, AND WHY IT IS UNUSUAL.
Why is it important for employees to recognize and respond to identity theft red flags?
TO DETECT AND PREVENT IDENTITY THEFT BEFORE IT CAUSES HARM OR LOSS.