He either believes he's clever or your bank is stupid or both. It's structuring. If you saw him put the cash in a brief case, your SAR will say that. If he went to his safe deposit box immediately after each withdrawal, your SAR will say that.

Thanks for the information. I agree with the structuring. (For me a large withdrawal would be $200.)

Yep, I would file for structuring on that, regardless of where the client is taking the money. And even though he is going into the safe deposit booth, you probably aren't seeing him actually placing the cash in there. For all you know he may be taking more cash out of there to go with what he has from your teller.

When Y2K was on the horizon I had several clients who withdrew large amounts of cash. Some took it home, but one woman straight up told me that she was putting it in her safe deposit box. I kept my mouth shut, but my thought process was that if the whole system collapsed on 01/01/00 then the chances of her getting inside the bank to get into that SDB were slim.

If I present audio and video evidence to the manager of a bank in NYC that there is inappropriately confiscated cash and gold coins in a safe deposit box, is the manager obligated to file a report or does he have the right to seal the box or prevent access to the person who rented the box?? I want to prevent the contents from disappearing until the abysmally slow legal system runs its course.

You need to talk to legal counsel. The only avenue to prevent someone access to their own safe deposit box would be through a court order.

I was wondering if any of you have guidance regarding counterfeit funds in a SDB. A customer took funds from their SDB and when tried to deposit, teller found it was counterfeit. It is in foreign currency. The SDB agreement said that the bank has the right to go into the SDB if it knows that there is illegal or dangerous items in the SDB. Well, counterfeiting is illegal. Would the bank have the right to go into the SDB if it has knowledge that the funds being kept there are counterfeit?

I would not without the blessing of your legal counsel. I am not sure why you would want to go in and taint any possible evidence. Leave that up to law enforcement with a search warrant. Notify local law enforcement and file your SAR and let the chips fall where they may.

I concur with Randy on this. Talk to your counsel and unless other advised, in writing, I would not go into the SDB.

I agree that legal counsel needs to be contacted. And you don't know if there is anything illegal in the box at this point, because you don't know if all the funds were removed or not. You can guess, but you don't know. and without legal guidance, i wouldn't be putting our bank at liability.

Was the entire deposit counterfeit? Or just one bill? I have a business owner that makes frequent cash deposits and often a counterfeit will be included. I would hardly consider him counterfeiting or doing anything illegal.

Did your staff talk to the customer? Where did the currency come from? Are they a victim of a scam? Not a smart criminal if they're attempting to deposit counterfeit funds. I think there's more to the story that jumping the gun and busting down the safe deposit vault.

Red Raiders, I would simply ask him why he's withdrawing cash like that? Couch it in terms of being concerned about him being scammed. See what he says.

The customer might be alarmed to be questioned over an incident that happened eight years ago.