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#1378788 - 04/21/10 10:03 PM SAR?
mkp122 Offline
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Joined: Aug 2005
Posts: 212
NJ
Customer had five CDs maturing, each joint with one of his children. Requested $9,000 withdrawals from each and to send him a check. CDs are still open. Customer claims money going to children but was all deposited to the same checking account.

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#1378803 - 04/21/10 11:09 PM Re: SAR? mkp122
dg Offline
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Joined: Jan 2005
Posts: 811
Pacific NW
Could be legit, any other suspicious or unusual activity going on or has gone on with the customer.

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#1378832 - 04/22/10 01:30 AM Re: SAR? dg
Happy Birthday Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
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I would check to see if/how the funds are disbursed from the checking account, depending upon how much time has gone by (for your SAR due date timeline).
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#1378837 - 04/22/10 02:46 AM Re: SAR? Kathleen O. Blanchard
rlcarey Offline
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rlcarey
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Galveston, TX
Kinda hard to think this is some kind of laundering when they have left a trail of checks???
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#1378839 - 04/22/10 02:52 AM Re: SAR? rlcarey
Happy Birthday Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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The most it could be is structuring (which is why I said see if he does follow through). If he actually disburses to the "kids" I believe there is an old opinion that a bank can let that slide, unless I am imagining that. (An example about a woman giving money to grandchildren.)
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Kathleen O. Blanchard, CRCM "Kaybee"
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#1378856 - 04/22/10 11:58 AM Re: SAR? Kathleen O. Blanchard
rlcarey Offline
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rlcarey
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Galveston, TX
Still, how do you structure checks and if he took the checks to another bank and deposited them, what law is suspected to have been violated?
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#1378953 - 04/22/10 01:14 PM Re: SAR? Kathleen O. Blanchard
mkp122 Offline
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Joined: Aug 2005
Posts: 212
NJ
Thanks - the most I thought was structuring it just seemed out of line.

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#1379076 - 04/22/10 02:31 PM Re: SAR? mkp122
Georgia Plum
Unregistered

Don't know what the 'gift' limit is anymore, used to be $10,000. Could be he's gifting to his children and staying under the limit. Might appear to be strange, but perfectly legitimate if as Ms Kaybee says funds are disbursed to kids. And as Randy said, what's he avoiding if no cash is involved?

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#1379083 - 04/22/10 02:35 PM Re: SAR?
Happy Birthday Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Correct about no cash. My mind went to gift limit and money market account - wasn't thinking this was a CD.
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Kathleen O. Blanchard, CRCM "Kaybee"
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The HMDA Academy
www.kaybeescomplianceinsights.com

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#1379087 - 04/22/10 02:35 PM Re: SAR? mkp122
nemsi Offline
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Joined: Nov 2005
Posts: 383
Since there's no cash involved I think that the amount could have more to do with the gift tax exlusion limits.

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#1379659 - 04/22/10 07:06 PM Re: SAR?
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
Originally Posted By: Georgia Plum
Don't know what the 'gift' limit is anymore, used to be $10,000. Could be he's gifting to his children and staying under the limit. Might appear to be strange, but perfectly legitimate if as Ms Kaybee says funds are disbursed to kids. And as Randy said, what's he avoiding if no cash is involved?


I think it is $13,000 now.
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#1379704 - 04/22/10 07:33 PM Re: SAR? J2C
Zoo Mama Offline
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Joined: Mar 2008
Posts: 172
Much of the public knows just enough about banking, regulations, laws and the IRS to be a danger to themselves. Sometimes I wonder what people are really trying to accomplish when I look at transactions like that. I'm pretty sure that what they think they are doing and what it turns out gets done are often not even close.

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#1379899 - 04/22/10 09:05 PM Re: SAR? Zoo Mama
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
I believe that the limit is 13,000 annually. But I have had family members gift more than once during the year and keep a close eye on the limit. I guess that's why i would think that it has to do with gifting- and there was no cash involved.

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