04/01/2002
We have a customer that we suspect of check kiting. I realize that we are required to file a SAR. My question is, can we close the account and is there any particular procedures we need to follow?
03/11/2002
We would like to place an exception hold on an account, then close it as soon as possible after we believe the funds are collected. We have been filing SARs on this customer for structuring. (Large (checks) deposit made once a week. Withdrawals of cash made every other day just under the the 10K.) We are also suspicious of the checks being deposited. All appear similar, but from different companies drawn on another institution. We've notified the IRS. No action has been taken. We'd like to be the first bank out of this supected kiting situation. The question is there anything in the regulations that might address the issue of closing an account?
03/04/2002
I have a noncustomer that cashed an onus check written by one of our bank customers for more than $10,000. Would the CTR need to be filled out in Part I with our customer's info, or just list their account number in Part II?
03/04/2002
Our bank has had a couple of incidents where a customer will buy a bank money order, (our form of the cashier's check), with cash and in an amount that causes us to have to file a sales of monetary instrument report. Then days later they might bring the BMO back in and purchase another BMO with it for a smaller amount and receive cash back. My questions are: are we obligated to file a second monetary instrument report, and can a money order be purchased with another money order?
03/01/2002
Regulation CC hasn't changed much in recent years and the problems that came with its implementation have died down. But the violations continue.
02/11/2002
Could you explain the difference between a MMDA and a NOW account to me?
02/11/2002
Are ACH debits, such as insurance premiums or merchant bankcard debits, covered within the 3 limitation withdrawals or can there be 6 per cycle?
02/04/2002
May we use an exception hold on a deposited check we were unable to verify? The drawee bank refuses to verify checks. I want to use the "reason to doubt collectibility" exception.
02/04/2002
Please respond with the simplest and easiest understanding and explanation of Reg D.
02/04/2002
I was asked by an officer of the bank I work for to issue a Cashier's Check to a company using his business check. He wanted the remitter to be someone besides himself or his company that the check was on. I know I have always been taught that your remitter has to be the person purchasing the check. If they wanted it to be from someone else you were to have that persons name F/B/O whomever else they wanted it to be from. Would I have been doing anything unlawful if I would have done this for him? He is also part owner of this bank.