Thread Options
|
#1661221 - 02/06/12 08:25 PM
Re: Would you file a SAR?
Polo
|
Gold Star
Joined: May 2006
Posts: 311
New York
|
At a minimum I would file a SAR on the contractor, and list the customer in the narrative. However, I find it hard to believe that in this day and age, any businessperson does not know of the reporting requirement. Better yet, why was the customer paying in cash instead of by check?
Last edited by BC78a; 02/06/12 08:34 PM.
_________________________
___ Just my opinion for what it is worth
|
Return to Top
|
|
|
|
#1661223 - 02/06/12 08:29 PM
Re: Would you file a SAR?
Polo
|
Power Poster
Joined: Oct 2009
Posts: 3,927
|
I would file the SAR on the customer, if it is the customer who is withdrawing the cash from his/her account. I would certainly name the contractor (giving as much identifying information as possible) in the narrativ; but since he/she is not the customer in this instance, I would not file on them as such.
I pretty much can assume why the contractor wants cash, but the customer should be paying by check so that they have a formal record of payments. If the contractor wants cash, let them cash the check.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius
|
Return to Top
|
|
|
|
#1661287 - 02/06/12 09:25 PM
Re: Would you file a SAR?
Polo
|
100 Club
Joined: Jun 2011
Posts: 156
New York, NY
|
Having knowledge or not is irrelevant. It is hard to believe the customer was not aware of such common banking law. File a SAR on your customer and mention the contractor in the narrative and move on.
_________________________
"Give thanks in all circumstances; for this is God's will for you in Christ Jesus." -Thessalonians 5:18
|
Return to Top
|
|
|
|
#1661291 - 02/06/12 09:44 PM
Re: Would you file a SAR?
Polo
|
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
|
Wanna bet the customer got a little "discount" for paying in cash? He knew exactly why the contractor wanted cash.
I agree - file a SAR and move on. The why's aren't really your problem, let law enforcement decide if they want to dig deeper.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.
|
Return to Top
|
|
|
|
#1661382 - 02/07/12 12:27 AM
Re: Would you file a SAR?
Polo
|
Platinum Poster
Joined: Oct 2006
Posts: 995
Looking for my sanity
|
Diputs - just for clarification, are the funds actually coming out of (or in to) an account with your bank? Or are these cash payments directly from the customer to the contractor and don't involve your bank? I just wasn't sure from your post. If the funds involve your bank and there's evidence of structuring, then yes I agree file a SAR on the customer as Doug states. But if this is just based upon having knowledge that the customer is paying the contractor in amounts under 10k (cash not involved with the bank), I don't know that a SAR would be appropriate because you have no actual knowledge or information of payments, withdrawals, etc, and there's no transaction conducted through the bank.
_________________________
"The reason I talk to myself is because I'm the only one whose answers I accept." - George Carlin
|
Return to Top
|
|
|
|
#1661406 - 02/07/12 04:01 AM
Re: Would you file a SAR?
Polo
|
10K Club
Joined: Jul 2001
Posts: 83,229
Galveston, TX
|
I have seen this before. Multiple $9,000 or $9,900 checks written either at one time or over a short period of time, all negotiated at local check cashers. They are both guilty (well at least suspects ), file the SAR.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
|
Return to Top
|
|
|
|
#1661435 - 02/07/12 01:32 PM
Re: Would you file a SAR?
Polo
|
10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
|
Two subjects/suspects. File the SAR.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.
|
Return to Top
|
|
|
|
#1661472 - 02/07/12 02:22 PM
Re: Would you file a SAR?
Polo
|
Power Poster
Joined: Jul 2006
Posts: 4,344
New York City
|
To continue the conga line, file the SAR.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
|
Return to Top
|
|
|
|
#1661545 - 02/07/12 04:08 PM
Re: Would you file a SAR?
Polo
|
Platinum Poster
Joined: Oct 2006
Posts: 995
Looking for my sanity
|
I don't disagree about the SAR filing in any of these circumstances. I just read Diputs post a little different and I was just trying to understand how the transactions were being conducted. Was the customers account at the bank involved or did the customer tell someone at the bank they were doing this? If it was just something the customer said to an employee, but a review of the account doesn't show any checks written, transfers, withdrawals, etc, does that change anything? I mean what if they're doing this with money they already have in their home or something, does the bank still file a SAR? If the bank has knowledge, but can't find record or see any transactions? I'm not saying that the bank shouldn't file in that circumstance, but I don't know. I just want to understand for myself how it should be handled.
_________________________
"The reason I talk to myself is because I'm the only one whose answers I accept." - George Carlin
|
Return to Top
|
|
|
|
#1663880 - 02/11/12 06:42 PM
Re: Would you file a SAR?
Polo
|
Gold Star
Joined: Apr 2009
Posts: 450
|
I wouldn't file a SAR. Nothing to see here.
Just kidding, this is a pretty easy one.
_________________________
CFE, CAMS
|
Return to Top
|
|
|
|
#1664140 - 02/13/12 05:10 PM
Re: Would you file a SAR?
Polo
|
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
|
The question here is not whether the work was done. The question is whether the series of transactions just under $10k represent a logical payment pattern for this business transaction; understanding how/why they do not appear to be transactions structured in such a way as to prevent the filing of a CTR.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.
|
Return to Top
|
|
|
|
|
|