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#1766566 - 12/12/12 03:59 PM Report of Intl Transportation of Currency or MI's
Bee Cee Offline
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Joined: Oct 2010
Posts: 97
Had a customer come in to purchase TC's and said she was traveling overseas. She didn’t want >$10,000 as “they would stop her at the border and want her to pay taxes”. While individuals are required to complete FinCEN Form 105 and not Financial Institutions, would anyone consider filing a SAR based on the customers comments? And being that they attempting to evade reporting, would it be for Structuring? Thanks all……


“Chance favors only the mind that is prepared”. Louis Pasteur

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#1766578 - 12/12/12 04:08 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
rlcarey Online
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rlcarey
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Galveston, TX
“they would stop her at the border and want her to pay taxes”

First, she is terrible wrong. Second, no structuring occurred involving your bank.
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#1766596 - 12/12/12 04:22 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
Bee Cee Offline
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Understood, but the Bank has knowledge that the transaction might be designed to evade regulations promulgated under the BSA.

“Chance favors only the mind that is prepared”. Louis Pasteur

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#1766612 - 12/12/12 04:36 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
rlcarey Online
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Galveston, TX
No law has been broken unless she transports more than $10,000 across the border and fails to declare it. If she chooses to take less then $10,000, what is the problem?
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#1766648 - 12/12/12 05:00 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
Bee Cee Offline
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Joined: Oct 2010
Posts: 97
Based on her comments it appears she is attempting to avoid declaration or reporting in some capacity. Perhaps I am taking the wrong approach on this. If a person withdraws $9,999 in cash and speaks about avoiding reporting, then it is obvious Structuring. And yes FI’s are not required to complete form 105, but we now have knowledge that TC’s were purchased in the amount of $10,000 and by might be designed to evade reporting by the customer. Thanks.

“Chance favors only the mind that is prepared”. Louis Pasteur

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#1766650 - 12/12/12 05:05 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
NU Rhules Offline
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NU Rhules
Joined: Mar 2011
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SE, Nebraska
Bee Cee,
You don't have knowledge that this person actually transported more than 10,000 - right? That's what RL is trying to convey. The person elected to not transport over 10,000. There's no law against that. It would be a different story if you had knowledge that they actually did carry more over the border.

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#1766656 - 12/12/12 05:10 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
As far as structuring, there is no mention that the purchase was even in cash.
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#1766689 - 12/12/12 05:37 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
Bee Cee Offline
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Joined: Oct 2010
Posts: 97
Something was omitted in my original post. This person actually purchased $10,000 in TC's (part cash $7000 and part check $3000). She did not want >$10,000 as she was traveling overseas.

@Cornhusker: We do not have knowledge that this person actually transported >$10,000, she only mentioned "they would stop her at the border and want her to pay taxes”.

Thanks for your feedback.

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#1766699 - 12/12/12 05:47 PM Re: Report of Intl Transportation of Currency or MI's Bee Cee
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
As noted 1) no structuring took place and 2) the customer's comments indicate an attempt to comply with the law, not violate it.
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