Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#1970484 - 10/20/14 02:32 PM Would you file a SAR
Anonymous
Unregistered

A plastic surgeon whose office and home are not convenient to our bank, has a generic personal and business dda accounts with us. He has never had more than $1200 in the accounts, and most transactions are for $20-$50. He does have accounts with other banks that we know of. In March and last week he brought in $50,000~ in cash to purchase cashiers checks to pay his quarterly taxes. Would you file a SAR?

Return to Top Reply Quote Quick Reply Quick Quote
#1970501 - 10/20/14 03:04 PM Re: Would you file a SAR Anonymous
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
I'll start -
if your review indicates this to be an abnormal or suspicious transaction, then YES. (It appears to be.)

Was one prepared in March?

Return to Top Reply Quote Quick Reply Quick Quote
#1970508 - 10/20/14 03:12 PM Re: Would you file a SAR Anonymous
Anonymous
Unregistered

In March there was some convoluted story that we decided to believe.

Return to Top Reply Quote Quick Reply Quick Quote
#1970579 - 10/20/14 06:15 PM Re: Would you file a SAR Anonymous
Anonymous
Unregistered

Anon2 sez: You had me at hello. Actually, no, you had me at "$50,000~ in cash." I think some folks get a chuckle out of using cash to pay taxes. It's A) hiding it in plain sight - what IRS agent is going to look at the cashier's check purchase transaction? and B) ironic.

Return to Top Reply Quote Quick Reply Quick Quote
#1970619 - 10/20/14 07:59 PM Re: Would you file a SAR Anonymous
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
I would file.
I am always cautious of customers who maintain small accounts with us and who obviously maintain their main accounts elsewhere.
I consider the small accounts with us just a set-up waiting to happen. Like what happened with yours and the $50,000. cash deposit.
Lots of people maintain cash at home, but unless the main account is with you and you can see the cash going out, I would consider the activity suspicious and file.

Return to Top Reply Quote Quick Reply Quick Quote
#1970626 - 10/20/14 08:17 PM Re: Would you file a SAR Anonymous
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
it sure sounds like something i'd be filing on...
_________________________
Providing alternative truths since the invention of time

Return to Top Reply Quote Quick Reply Quick Quote
#1971334 - 10/23/14 12:54 PM Re: Would you file a SAR Anonymous
Anonymous
Unregistered

Anon3: Question: I am one of those who is unsure about what can and can't be shared with 314B sharing. If the "other bank" is on the 314b list and you are too, why don't you just ask them if he withdrew the funds from that account? Are we allowed to ask that question?

Return to Top Reply Quote Quick Reply Quick Quote
#1971356 - 10/23/14 01:55 PM Re: Would you file a SAR MagicCity
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Originally Posted By: MagicCity
I would file.
I am always cautious of customers who maintain small accounts with us and who obviously maintain their main accounts elsewhere.
I consider the small accounts with us just a set-up waiting to happen. Like what happened with yours and the $50,000. cash deposit.
Lots of people maintain cash at home, but unless the main account is with you and you can see the cash going out, I would consider the activity suspicious and file.
In the northeast a lot of investors set up small dollar savings accounts at mutual savings banks, in the hopes they will go public and get in on the IPO. Just a thought.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

Return to Top Reply Quote Quick Reply Quick Quote
#1972036 - 10/26/14 04:34 AM Re: Would you file a SAR Anonymous
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
Originally Posted By: Anonymous
Anon3: Question: I am one of those who is unsure about what can and can't be shared with 314B sharing. If the "other bank" is on the 314b list and you are too, why don't you just ask them if he withdrew the funds from that account? Are we allowed to ask that question?

If you suspect that the transaction may involve money laundering or (less likely) terrorist financing, then you could use 314b to solicit more information and compare notes with the customer's other bank.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale