04/28/2024
If our customer deals in cash does that make him or her suspicious for BSA?
04/28/2024
We have a client who deposited over $10K into the "Estate of XXXXX" account. When creating the CTR is the Estate the beneficiary on the CTR? The only other person on the account is the Executor.
02/11/2024
I’m so confused! I keep hearing about the “SAFER Banking Act”. How is that different from the “SAFE Act” from several years ago? Is it being updated?
01/28/2024
Our bank has been questioning when a transaction is considered "suspicious" and when the time clock starts for BSA filing. Some are saying only our BSA officer/department can determine when a transaction is suspicious and that would start the 30 day SAR filing time clock. Others are saying if the client says a transaction is fraudulent, that starts the 30 day clock. How are we to determine when the 30 day clock starts?
01/21/2024
What’s the latest word on overdrafts and overdraft fees?
01/07/2024
When will FinCEN raise the threshold for CTR reporting?
12/24/2023
What’s next for ACH growth?
12/03/2023
Does the FinCEN 314a list have specified field definitions? i.e., field lengths.
11/12/2023
Would a CTR be required if several individual employees endorsed their respective payroll checks (all individual payroll checks are under $10,000 but combined they aggregate to an amount that exceeds $10,000), and the owner of the business (which is exempt phase 2) cashed them for the purpose of distributing the proceeds back to the individual employees?
Is this allowed under an exemption?
PS - Our Compliance BSA Officer abruptly left the bank with no guidance, and we are trying to make sure we do things correctly.
09/17/2023
Customer A and Customer B (a married couple) open two single-owner CDs with cash. Customer A's CD is opened with a CTR-reportable amount of cash. Customer B's CD is opened with $5,000 cash. Would Customer B, Customer B's CD, and the cash used to open Customer B's CD be included in the CTR?