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I wonder if Frost Bank filed a Suspicious Activity Report for these transfers and whether or not they will face any enforcement actions. Having worked with quit
by coderintherye 5y ago
I wonder if Frost Bank filed a Suspicious Activity Report for these transfers and whether or not they will face any enforcement actions. Having worked with quite a number of banks at this point, they all talk a big game about compliance but yet very few seem to actively mitigate these events. It's not Frost's only such issue: https://www.expressnews.com/business/local/article/Former-officer-manager-of-San-Antonio-dermatology-16171788.php https://www.expressnews.com/business/local/article/Former-of...
But they are a fairly large bank so hard to say how they do relative to others for their volume.
- 1123581321 5y agoSARs are no additional help in this situation as they would only report the fraudulently given information, and there is no aspect to this crime that would particularly interest the Treasury department.
- coderintherye 5y agoIt's not so much about helping the situation as it is identifying whether or not the bank is actively monitoring and mitigating money laundering (which this situation would technically fall under as the mule is laundering the money through the bank). If they are failing to identify and report these then it could face regulatory action.
- 1123581321 5y agoI see. I’d be very surprised if those amounts didn’t generate the required SARs. KYC is also not foolproof.