08/04/2008
08/04/2008
07/07/2008
Does the Internal Revenue Service have the right to request a copy of a CTR without a subpoena or other written authorization?
06/16/2008
We are aware that by law all transactions are required to be screened against the OFAC/SDN list. However, when a customer of the bank purchases a cashier's check payable to a U.S. government entity (i.e IRS, Franchise Tax Board, Board of Equalization, etc), are we required to screen them through OFAC check? What about attorney client trust accounts? I am assuming since U.S. government entities are well known, respectable organizations that they would be exempt from OFAC screening. I could not find anything detailing OFAC exemptions of any kind. Does verbiage such as this even exist in the OFAC policy?
06/09/2008
As required by law, we are aware that all transactions are required to be screened against the OFAC/SDN list. However, when a customer of the bank purchases a cashier's check payable to a US government entity (i.e IRS, Franchise Tax Board, Board of Equalization, etc), are we required to screen them through OFAC check? What about attorney client trust accounts? I am assuming since US government entities are well known, respectable organizations that they would be exempt from OFAC screening? I could not find any clear cut dialogue detailing OFAC exemptions of any kind. Does verbiage such as this even exist in the OFAC policy?
06/02/2008
We have a customer who has an Irrevocable Trust and she wants to use her Social Security number for it (her daughter is the trustee). We told her that an Irrevocable Trust needs to have its own TIN. Her lawyer says she can use her own SSN citing IRC 677a. I looked into it and everything I found says to use a TIN. Can they use her SSN or do they have to get a TIN?
04/01/2008
SARs reporting suspected mortgage loan fraud continue to increase. This study includes SARs reporting suspected mortgage loan fraud filed between April 1, 2006 and March 31, 2007.
04/01/2008
Overview of Fraudulent Activities
03/17/2008
Is it possible to have the same EIN and SSN? I researched irs.gov and could not find anything that addresses this. We have a customer with a SSN and an estate account with the same EIN.
10/01/2007
SUSPICIOUS ACTIVITY REPORTS ?EXTREMELY HELPFUL? IN STRUCTURING CONVICTION RELATED TO INTERNATIONAL LOTTERY SCHEME In what a federal prosecutor called ?the most blatant currency structuring case?