06/16/2024
A husband and wife come to the bank. The wife has an account with us the husband does not. The wife withdrawals $10,000 from her checking account. Then she and her husband cash three checks not drawn on us but made payable to both of them totaling $2,500. I know we will include this on the CTR under her Part I, but should he be listed on the CTR? He only benefited from the $2,500 but that transaction is tied with her as a CTR?
06/16/2024
I know this question has been asked before but I'm having issues with explaining this to one of our Financial Managers. When a reportable cash transaction is made into a joint account, we need all the joint account owner's information in order to complete the CTR for filing. Am I correct?
06/02/2024
Is a financial institution required to perform OFAC screening of new or prospective vendor or service provider before the contract is approved?
05/19/2024
Should a SAR be filed on a business customer solely due to its annual filing/registration status being in a delinquent state? For example, ABC Corp was last filed with the state in 2022 but the state record shows it has not been renewed since, leaving the business in a delinquent/late filing status (not inactive or suspended). Filing a SAR on something like this seems like nothing more than a defensive filing, but I wanted to get some insight on this.
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?