Would you file a SAR on a customer who structured to avoid having a monetary instrument tracking form completed on her? It was for $2000 and is way below the $5000 threshold. I still don't get whether you have to file when there is money laudering or structuring no matter what or if you should stick to the $5000 threshold.

Since the transaction is for less than the $5K threshold no SAR is required. You might be on the lookout for future transacions by this customer and this could get you to the $5K threshold.

What $ 5,000 threshold are you referring to? The Monetary Instrument Log is for cash purchases of monetary instruments over $ 3,000. I am confused about the $ 5,000 number. I know $ 5,000 is the magic number for filing a SAR if you have a suspect. A CTR is $ 10,000 in cash. Please clarify...thanks.

What tracking form - an internal form - right? Did the teller tell her why you needed to see her ID or something (not a smart move by the teller). If that is the case - yes - it's structuring and reportable.

See the SAR instructions. There is a $5,000 threshold test for BSA related incidents. Since the incident described in this thread only involved $2,000, the incident is not technically reportable.

Sorry I meant the teller was going to fill out a form we use to track purchases of monetary instruments between 3000-1000 in cash. At first they were going to purchase one for 3000 in cash but then structured to avoid the form and bought it for 2000. The reason we chose not to file is because in the SAR reporting requirements is states a $5000 threshold for filing on structuring. I just wanted to be sure we wouldn't be criticized for making that decision in an audit...the customer did it most likely because she wasn't happy about the additional time the teller was taking.

I assume the individual was a customer of your bank. Why not instruct your tellers to fill out the log after the customer leaves? You should have everything needed for the log on your signature card.

A teller that is not trained properly may make a customer feel like a criminal for conducting a transaction that requires logging or a CTR.

Again, assuming you have all the information needed to prepare the log - just do it after the customer leaves. This will improve customer service and keep your teller line moving.

You HAVE to file if it is $5000 or more but you CAN and should file anytime you have a reasonable suspicion of a willfull violation of BSA.

I'm filing a SAR on a customer that frequently purchases monetary instruments with $2900 cash (structuring). What $ amount do I put in block 34 (Total dollar anount involved). This is an ongoing thing.
Thanks.

I would put in the aggregate amount of purchases covered by the period of the report.

After the first time you suspected the customer was structuring, you should have filed a SAR within 30 days for the total amount if it was greather than the $5,000.00 threshold. From that point on, you should refile every 90 days with only the total amount for that 90 days.

After the first time you suspected the customer was structuring, you should have filed a SAR within 30 days for the total amount if it was greather than the $5,000.00 threshold. From that point on, you should refile every 90 days with only the total amount for that 90 days.

A few years ago, the FDIC instructed us to aggregate the new transactions with the old transactions in Item 34. So if the amount reported in the initial report was $100,000 and new activity totaled $250,000, you would add the two together and report $350,000 in Item 34.

In addition, the "from" date in Item 33 not supposed to change when you prepare a supplemental report. Only the "to" date is supposed to change. This lets someone reviewing the report know exactly how long the activity has been going on.

I had never heard this before and questioned the BSA Specialist. Her response made sense. If the activity continues, a SAR with a large dollar amount in Item 34 is much more likely to get an investigator's attention.

Agree with Dolly. The FDIC told us the exact same thing last year, but we were not required to amend any prior SARs filed.

Not to argue with anyone, but I was told by "other examiners" that we should not aggregate the SAR reports. I was told FinCEN keeps a database so that when a SAR is refiled it is added to their old SAR information. I feel by adding the old with the new, you may be inflating whatever "suspicious activity" they are actually doing and thus bringing added attention on someone who maybe should be left alone, at least according to FinCEN thresholds. I'm not trying to be an advocate for criminals but I just want to show you my point. I just wish that all examiners would get on the same page but heaven forbid they make things easier on banks!

I agree with Texasboy. When I file a second (or third) SAR I make reference to the prior SAR but only include the dates and data for the new period.

Devsfan, thanks for the vote of confidence. However, I was just informed by my POC at the Fed that Dolly Nugent is correct in aggregating all transactions from the initial filing into any re-file. In fact, what Dolly said or typed for that matter was exactly right (man, that's hard for me to do for some reason!). I actually learned something and hopefully it will keep me from getting wrote up in the future, unless I get the same examiner I received last time .

Txas Boy,

I'm sure you aren't the only person that wasn't aware of this!:) The SAR instructions could be better.