Had an interesting transaction today; hopefully someone can help?
Customer came in and made a $5000.00 cash deposit into their business account. Customer then, via tickets, made a $5000.00 transfer from their business account into their personal account. Customer then, via ticket, made a $5000.00 withdrawal in the form of a Cashier's Check.
I was told by our Fraud Department that I had to fill out the form for a customer purchasing a Cashier's Check for more than $3000.00 in cash. While I can see the Fraud Department's point, techinically, the customer DIDN'T purchase a Cashier's Check with cash; they did it via withdrawal from their account. My suggestion, rather, was to fill out a SAR.
All of the above was to leave a "trail" for business purposes. My other argument was: what if the customer made the deposit, then left and did the transfer via online banking, then came into a different branch to do the withdrawal. To me, that would be even more suspicious.
I'm not here to argure with our Fraud Department, but am curious: do I truly need to fill out the special form?
Any guidance would be greatly appreciated.