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How Do You Spot Money Laundering? Micro-Actions Simple Page Answers

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    MicroAction for Stash the Cash
   
 

How Do You Spot Money Laundering?
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Consequences/Benefits:  

What do I want to change, fix or improve?  What’s the expected/desired outcome?
You have a customer that comes in multiple times in week and sometimes even in a day to make deposits for his small business.  He always seems to deposit just under the $10,000 limit for a CTR and always switches up which teller line he uses when he comes in.  Would you consider this behavior suspicious?

Answer/Solutions:

What do I know about this? How Should I proceed?
Tellers are to complete CTRs on any transaction completed in a day of $10,000 or more. Tellers should also complete a SAR if a transaction seems suspicious and it is for $2000 or more.  By watching out for suspicious behavior and completing forms when appropriate, tellers can keep money laundering from happening in the bank.

Footer/Feedback Metrics:

How do I know if it is done right?
Suspicious behavior will be recorded and potential money laundering will be stopped before it can happen.  Forms will be filled out correctly as needed for qualifying transactions.

References:


Bank Secrecy Act

Dig Deeper: See Stash the Cash Micro-lesson


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