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#2019249 - 06/09/15 04:00 PM Continuing filing or seperate?
ccman Offline
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Joined: Sep 2007
Posts: 920
A SAR was filed on an individual due to structuring. The transaction resulted from cash withdrawals under threshold over a two or more day period. The transaction in question was a deposit from the sale of real estate (Title Co. check).

A month later the individual deposited an insurance proceeds check and withdrew small amounts aggregating over the threshold. Another SAR was filed. These were reviewed at the last BSA Exam with no comment from the regulators. Our independent auditor wants us to amend and file continuing activity reports. We treated these as two separate transactions from legit sources. How should this scenario be treated? Is continuing activity defined in reg? thanks.

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#2019253 - 06/09/15 04:07 PM Re: Continuing filing or seperate? ccman
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Disregard the fact that your regulators made no comment; it proves nothing.

As you say, these were two separate incidents with one structuring cash in and another structuring cash out. Continuing SARs are about an uninterrupted stream of similar activity, not just the fact that the same subject was involved.

Tell your auditor that you disagree and ask for documentation of his or her position. If you want to hold the trump card before the conversation begins, call the FinCEN Helpline and see what they say first. Make it plain this is not a hypothetical; i.e. both SARs were filed and you are being told the second should be amended.

P.S. For future reference, any time a SAR lists a subject that has been the subject of a previous SAR it would be prudent to mention the prior filing and provide the DCN. That does not make it a continuing SAR nor is that the basis for filing an amendment. It's just an attempt to be helpful to law enforcement.
Last edited by Ken_Pegasus; 06/09/15 07:45 PM. Reason: Add P.S.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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