Skip to content
BOL Conferences
Thread Options
#1500938 - 01/26/11 10:53 PM Blizzards and CTR's
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
Individual cashes a check (payable to "cash") in excess of $10M against the account of Business X who is a customer of the bank. The check was issued from Business Y who isn't a customer at the bank. CTR is completed as: Section A lists Business X and Section B lists the individual who conducted the transaction. Yes?
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
BSA/AML/CIP/OFAC Forum
#1500943 - 01/26/11 11:03 PM Re: Blizzards and CTR's ACBbank
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,223
Galveston, TX
How can you cash a check against X when the check was from Y and made payable to cash? A check made payable to cash is a bearer instrument. IMHO - The individual goes into A & B.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1500947 - 01/26/11 11:07 PM Re: Blizzards and CTR's rlcarey
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
Off topic, but I would point out that if Business Y's check bounces, you do not have recourse against Business X to recover the funds because a business cannot cash a check. You would have to pursue the individual.
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top
#1500948 - 01/26/11 11:08 PM Re: Blizzards and CTR's rlcarey
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
The individual didn't have an account with the bank Randy. Both business entities have common ownership and for some reason the branch cashed the item against that particular account.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
#1500951 - 01/26/11 11:11 PM Re: Blizzards and CTR's ACBbank
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,223
Galveston, TX
See crowman3's comment. Regardless of what the branch did, it is not correct.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1500952 - 01/26/11 11:14 PM Re: Blizzards and CTR's rlcarey
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
I hear you about the potential loss crowman. Management signed off on that one. So conducted on own behalf then.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
#1500997 - 01/27/11 02:01 AM Re: Blizzards and CTR's ACBbank
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The check was payable to "Cash" and drawn on an account at another bank in the name of business Y? As noted, any connection to X's account is pure fantasy; it did not benefit.

Section A, is either the individual or, if the money was withdrawn for Business Y for operating cash or whatever, Business Y.

Section B is either the individual or "conducted on own behalf" depending who is listed in Section A.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#1501145 - 01/27/11 04:30 PM Re: Blizzards and CTR's Elwood P. Dowd
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
I thought as much. Thanks for the advice.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top

Moderator:  Andy_Z