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?
When addressing Beneficial Ownership-Statutory Trusts, what is the best way to discern a trust that is a "statutory trust created by a filing with a
Secretary of State or similar office"? We have questions regarding how to tell the difference between a regular family trust and a business trust.
Can a trust be the sole owner of a business like a sole proprietor?
FFIEC Guidance on Privately Owned ATMs is ambiguous regarding registration and licensing requirements of Privately Owned ATMs and ATM Operators. Where can we locate specific guidance regarding licensing requirements by State/Parish/County for Privately Owned ATM Operators? We know what licenses are required by an entity to conduct business in general, however have not able to locate specific requirements for States other than those in the
North East for registering and licensing Privately Owned ATMs and ATM Operators.
If a customer purchases a cashiers check with cash over $10,000 I know the CTR is required, but are we still required to do the check log? I thought the check log register was only for amounts $3,000.00 - $10,000.00.
We need to do a CTR for an ITF account because the custodian came in and withdrew over $10K. For filing guidance we see examples of deposits, but not of withdrawals. Should the beneficiary of the trust be on the CTR assuming that funds withdrawn were for them? All we know is that the beneficiary walked out with the money. Also, should "ITF" be shown on the CTR anywhere?
Are savings account transactions considered exempt from CTR reporting for the business customer that is an exempt non-listed business? What about cash payments to a loan account?
From 31 CFR 1020.315: The exemptible accounts of a non-listed business or payroll customer include transaction accounts and money market deposit accounts.
From Federal Reserve Act 19(b)(1)(C): The term "transaction account" means a deposit or account on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawals, telephone transfers, or other similar items for the purpose of making payments or transfers to third persons or others. Such term includes demand deposits, negotiable order of withdrawal accounts, savings deposits subject to automatic transfers and share draft accounts.
If a business customer has a privately owned ATM in their business, are they considered an MSB?
The bank received a phone call from a non-customer who stated that their business email had been compromised as a staff member of theirs received what appeared to be a wire request from the CEO, however, it was discovered that the CEO did not send the request. The request listed our customer and account number as the beneficiary of the wire. Would this be considered an attempt by an unknown subject or because we did not specifically get the wire or the wire request, just a call from a non-customer and an email forwarded from them, would this not be considered reportable?
A customer presents a cash deposit at the teller counter in the amount of $10,000. The teller counts the deposit and discovers it to be $100 over. The customer is made aware and requests the teller to give back the $100. Does this qualify for a CTR since it was handled by the teller while counting the large cash deposit or is it a simple mistake by the customer? We are also considering a SAR for possible structuring by the customer.