Consumer complaint received 2021-09-28
Company: PNC Bank N.A.
State: IL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
PNC BANK , NATIONAL ASSOCIATION - XXXX did not return recalled funds after XXXX initiated the recall process. This case is related to the investment scam reported on XX/XX/2021, referenced to cfpb complaint # XXXX. PNC BANK , NATIONAL ASSOCIATION - XXXX stated that there are no funds left in the fraudulent account and did not pursue to follow the money to recall outgoing funds from their fraudulently opened account ( s ) to assist in the recovery of these funds. PNC BANK , NATIONAL ASSOCIATION - XXXX, NATIONAL ASSOCIATION - XXXX showed deficiency in following KYC compliance program requirements and knowing their customer 's financial affairs. PNC BANK , NATIONAL ASSOCIATION - XXXX, NATIONAL ASSOCIATION - XXXX system of internal controls did not effectively identify or address the XXXX  related risks that existed or that were related to the customers or accounts that shall have been viewed as high risk allowing fraudsters to open accounts and operate fraudulent activities and processing in/outgoing wire transfers using Banks accounts as a media to facilitate fraud. PNC BANK , NATIONAL ASSOCIATION - XXXX management was ineffective in overseeing PNC BANK , NATIONAL ASSOCIATION - XXXX day-to-day compliance with the KYC regulations and knowing their customer 's financial affairs. PNC BANK , NATIONAL ASSOCIATION - XXXX XXXX-related deficiencies demonstrate that PNC BANK , NATIONAL ASSOCIATION XXXX XXXX compliance program was ineffective, did not comply with the regulations, and was insufficient to ensure identification of and monitoring for suspicious activities. PNC BANK , NATIONAL ASSOCIATION - XXXX did not detect or investigate suspicious activities to determine whether SAR filings were appropriate. PNC BANK , NATIONAL ASSOCIATION - XXXX failed to investigate suspicious activities occurring in their customer accounts related to money inflow and outflow activities. Bank did not adequately monitor for suspicious cash, wire, or monetary instrument transactions. In particular, PNC BANK , NATIONAL ASSOCIATION - XXXX failed to identify or to monitor potentially suspicious activity pertaining to incoming wire transfers and their immediate outgoing wire transfers structured to move the money quickly out of the accounts indicating fraudulent activities. PNC BANK , NATIONAL ASSOCIATION - XXXX failed to know their customer 's financial affairs in terms of source of income. PNC BANK , NATIONAL ASSOCIATION - XXXX failed to undertake sufficient due diligence regarding the source of funds being deposited into their customer account ( s ) as well as the outflow of the funds from their accounts. PNC BANK , NATIONAL ASSOCIATION - XXXX did not collect or maintain sufficient information about its banking customers. 
In conclusion, PNC BANK , NATIONAL ASSOCIATION - XXXX engaged in violations of XXXX, know your customer financial affairs, and Suspicious Activity Reporting. 

PNC BANK , NATIONAL ASSOCIATION - XXXX responded to XXXX handling the recall of my funds that there are no funds available in the account from {$60000.00} wired out of my XXXX account into PNC BANK , NATIONAL ASSOCIATION - XXXX, account XXXX for XXXX XXXX XXXX at XXXX XXXX XXXX, XXXX, DE XXXX.

Company response to consumer: Closed with explanation