BC 243
Supp. 2
Type:  Banking Circular
Subject:  Suspicious Transactions
Date: April 18, 1991



TO:  Chief Executive Officers of all National Banks; All State Banking Authorities; 
Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal 
Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy 
Comptrollers (Districts); District Administrators; District Counsel and Examining 
Personnel.

Information is being received by the Office of the Comptroller of the Currency that 
some telemarketing entities have successfully obtained customer deposit account 
numbers and by presenting worthless drafts have caused banks to suffer substantial 
losses. In some instances reported, banks have opened deposit accounts for purported 
businesses which in fact are bogus entities of the telemarketer.

Sound banking practices dictate that careful verification occur on each new account 
relationship before activity is permitted and that drafts received should not be paid 
against uncollected funds nor without proper written authorization on file.

Any information which you may have concerning this matter should be brought to the 
attention of:


 
Office of the Comptroller
of the Currency
Enforcement & Compliance Division
Washington, D.C. 20219







Robert B. Serino
Deputy Chief Counsel (Policy)