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#387816 - 07/19/05 04:54 PM Are they an MSB?
Warriors Offline
New Poster
Joined: Jul 2005
Posts: 7
Our bank is currently trying to identify our MSB's and were presented with a situation?

The customer owns a used car lot and he stated that customers will sometimes pay him with a cashiers check made payable to themselves, but for more than the purchase price! He in turn gives them back the difference in cash (has exceeded $1,000)!

My interpretation leads me to believe they aren't an MSB since a sale of property is involved?

Any opinions on this would be welcomed!

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#387817 - 07/19/05 06:01 PM Re: Are they an MSB?
Anonymous
Unregistered

There are more qualified people here to answer this but I believe that the dealership would be considered an MSB. The bottom line is that he is cashing checks and returning cash in excess of $1000.

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#387818 - 07/19/05 08:20 PM Re: Are they an MSB?
Anonymous
Unregistered

I would say yes they are an MSB due to more than $1000 being given back in cash. Refer to the definition of "Redeemer" on the back of FinCEN Form 107.

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#387819 - 07/19/05 09:05 PM Re: Are they an MSB?
Deena Offline
Power Poster
Deena
Joined: Nov 2000
Posts: 2,701
PA
The Anons are correct - if the customer walks away with more than $1,000 in cash, the car dealership is an MSB.
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#387820 - 07/20/05 12:10 PM Re: Are they an MSB?
Warriors Offline
New Poster
Joined: Jul 2005
Posts: 7
Now that it's a new day the definition of Redeemer is more clear to me (OCC here doing BSA exam )!

Thanks for the input!

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