06/04/2023
Are banks required to exempt customers for CTR filing limits? I've worked for banks in the past that never exempted anyone. We just filed CTR's on large cash transactions. So in short is there a regulation stating that banks need to exempt customers, or why is it done?
05/07/2023
If a customer doesn't truly deposit or receive over $10,000 in cash, but a bank transaction error causes it to appear that they did, should a CTR be filed or should the transaction just be documented appropriately? Example: A customer withdraws $8,000 in cash. The teller inadvertently runs the transaction twice resulting in software showing a $16,000 total withdrawn.
04/23/2023
Does my business customer have to set up on BOSS now?
04/16/2023
When do our business customers register?
04/09/2023
Do general partnerships have to register with FinCEN?
03/26/2023
A dispensary (Marijuana Related Business) just opened this month in town. We have two members (we are a credit union) that receive payroll from there (ACH).
- Given their employer, is it illegal for them to bank with us?
- Do we need to terminate our relationship with them?
Our policy only states for MRB's that we would allow tier 2 and 3. Technically it is an individual, not a business though. Are we allowed to keep them? I know there are SARs we may have to file for MRB's (limited/terminated, etc.).
If we keep thee depositors, do we have to file a SAR every 90 days on the individuals as long as they are employed at the dispensary?
We understand there is a certain risk having them. There is really no guidance from FinCEN regarding employees of MRB's, just MRB's themselves. Any guidance would be greatly appreciated.
03/19/2023
When filing SARs, for the total amount of reported activity would you include both incoming and outgoing transactions when it's the same funds?
Example: Customer received an unusual wire for $50,000 and withdrew the funds in a structured manner. Would the total amount reported be $50,000 or $100,000?
03/12/2023
For loans that take months from application to closing, at what point would you recommend collecting updated Customer Due Diligence? My initial thought is that as long as the loan had not closed, we can rely on the information from the previous 90 days, but would want to verify/update after that period, and I am having difficulty finding guidance on specific timing.
01/15/2023
We have a customer (existing, but the current business is unrelated to the business in question) that maintains a business based in the UAE and wants to open a deposit relationship in the U.S. The customer is willing to register the business in Texas as a foreign entity, using the UAE address.
Our policy states we do not open accounts for foreign business. We are a small bank with small infrastructure. I have a suspicion that this deposit account will be used as a shell company. How can I inform management that I do not recommend opening the account for what I deem a high-risk entity? Is there something I can cite as support?
08/28/2022
If an LLC is doing business under a trade name such as "ABC LLC dba John's Farm Supplies," what is needed for beneficial ownership?
I know the ABC LLC is required to have beneficial ownership and control prong information, but what about the dba John's Farm Supplies, does it need anything separate?