Latest Compliance - AML/BSA Topics

Aggregation of Secondary Acct. Holder (BSA)

07/14/2019

I am seeking some advise on BSA regulations around aggregation of secondary account holder. Is it a requirement by FinCEN to aggregate transactions based on secondary relationship between accounts and file a CTR? Example: Joint account relationship Account (A) - Chris (P) / Joe (S) Account (B) - Joe (P) / Brian(S) Chris as a conductor makes 6K Deposit into Act A at Branch X Later, Joe as a conductor makes 5K Deposit into Act B at Branch Y should a CTR be filed considering Joe has secondary relationship with Chris in Account A and ultimately benefits from the deposit made?

Can a trust own a business?

06/16/2019

Can a trust be the sole owner of a business like a sole proprietor?

Revenue Derive from Marijuana Related Activity?

12/16/2018

Does due diligence require asking 'Does this revenue derive from marijuana related activity?'

Disclose Subject Appeared on FinCEN's 314a List?

11/04/2018

Can Financial Institutions disclose on a SAR that a subject appeared on FinCEN's 314a list?

CBD Business Legal at Federal Level? SAR?

10/21/2018

Is a ​canabidiol (​CBD​)​ business legal at the Federal level. I understand it is​ legal in all 50 states but unsure about the Federal level. Would it be​ treated the same as a marijuana related business where a continuing SAR would​ be required?

LEIs or not?

07/22/2018

What is an LEI? Do we have to use it to establish beneficial ownership certification?

Who Signs Beneficial Ownership Certification Form

07/08/2018

Who signs the Beneficial Ownership Certification form where it states " I,____, hereby certify, to the best of my knowledge, that the information provided above is complete and correct ? The bank employee or the Beneficial Owner who is opening the account?

Release Copy of Check for CTR that was Filed?

07/08/2018

Is it proper to release a copy of a check for a CTR that was filed? The agent want to know the source of funds.

SAR for Municipalities (Medical Marijuana)

04/01/2018

We currently bank municipalities/public funds who are considering allowing medical marijuana business in their community. Sounds like it will cost about $5,000 per license upwards of 25-50 applications allowed. Do we need to report the activity in a SAR that the municipality is accepting applications?

Certificate of Beneficial Ownership Form

04/01/2018

123 LLC is owned by 2 individuals both at 33.33% and ABC, LLC which owns 33.34%. The natural individuals of ABC, LLC are John and Jane Doe. Would John and Jane Doe, in fact, be 16.67% owners of 123, LLC? This question is in regard's to the Certificate of Beneficial Ownership form.