Skip to content
BOL Conferences
Thread Options
#1850503 - 09/10/13 04:03 PM Fire Departmet and MS Funds
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 202
Out West
Fire department employees collect funds for MDA. Even though department is part of the city, funds have nothing to do with governemnt. File CTR or treat as exempt.

Thanks!
_________________________
You're never too old to learn something stupid.

Return to Top
BSA/AML/CIP/OFAC Forum
#1850510 - 09/10/13 04:13 PM Re: Fire Departmet and MS Funds Wonderofitall
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 82,469
Galveston, TX
Where are they putting the money?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1850511 - 09/10/13 04:14 PM Re: Fire Departmet and MS Funds Wonderofitall
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Assuming there is a question mark in there.

File a CTR. The exemption does not reach transactions done on behalf of others.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1850542 - 09/10/13 04:44 PM Re: Fire Departmet and MS Funds Wonderofitall
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 202
Out West
FD established a separate account several years ago for this sort of charitable activity.
_________________________
You're never too old to learn something stupid.

Return to Top
#1850567 - 09/10/13 05:10 PM Re: Fire Departmet and MS Funds Wonderofitall
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 82,469
Galveston, TX
Well, either the FD is a subdivision of the State or it is not. I see no where in 1020.315 does it mention use of funds. IMHO - If you have the proper documentation that the account was opened with the blessing of the city, transactions in that account are exempt. If the city is not aware of the account and the firefighters took it upon themselves to open the account without official city approval under the city's EIN, you have more issues than just filing a CTR.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z