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#2007629 - 04/13/15 03:07 PM Marijuana Termination SAR
aBSAlife4me Offline
Junior Member
Joined: Apr 2015
Posts: 31
Hello all,

Has anyone had any experience filing a 'SAR Termination'?

We have a Medical Marijuana business that we are closing down and will be filing a SAR Termination'. We located their 'true' business during our EDD process. Since they have not conducted any transactions yet, what amount should I use for the SAR?

Any help is appreciated. Thank you.
Last edited by Ken_Pegasus; 04/13/15 03:54 PM. Reason: Edit subject
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#2007637 - 04/13/15 03:29 PM Re: SAR Termination aBSAlife4me
PrimeTime Offline
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PrimeTime
Joined: Nov 2014
Posts: 173
Was there an initial deposit or anything?

Also, based on the way you stated that you located their 'true' business, I'm guessing they weren't up front about their business with you. That being said, if you become aware of their intent to move to another FI, 314b them and let them know.
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#2007638 - 04/13/15 03:32 PM Re: SAR Termination aBSAlife4me
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
My question is what is a "SAR Termination"????
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#2007646 - 04/13/15 03:59 PM Re: Marijuana Termination SAR aBSAlife4me
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Hiccup: Marijuana Termination SAR? You'll find Prime Time's suggestion to rat them out under 314(b) in the Guidance.
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#2007761 - 04/13/15 08:25 PM Re: Marijuana Termination SAR aBSAlife4me
Pat Patriot Act Offline
Gold Star
Pat Patriot Act
Joined: Apr 2009
Posts: 450
Originally Posted By aBSAlife4me
Hello all,

Has anyone had any experience filing a 'SAR Termination'?

We have a Medical Marijuana business that we are closing down and will be filing a SAR Termination'. We located their 'true' business during our EDD process. Since they have not conducted any transactions yet, what amount should I use for the SAR?

Any help is appreciated. Thank you.


You can file a zero dollar SAR, but as others have mentioned, there's almost no chance they haven't conducted a single transaction.

Don't overthink the dollars here, just report everything going in and out. If you issue them a bank check, report the bank of first deposit in the narrative.
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