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#2116133 - 01/30/17 08:30 PM SAR - Kiting
Trisha Offline
Member
Joined: Aug 2016
Posts: 55
There is a student who has a sole owner checking account. The mother and father of the child deposit checks from their account at another institution into the child's account. As soon as the checks would be deposited, a check made payable to the parents would come through. It is clear they are kiting. The mother and father do not have accounts with us. I am going through the SAR and was just wondering what to list as the relationship for the parents. Would they be considered a customer? Or should I choose "Other" and put in the description, non customer? I never ran into this situation before and I am just looking for some guidance.

Thanks

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#2116136 - 01/30/17 08:45 PM Re: SAR - Kiting Trisha
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,011
Illinois
The box "No relationship with the institution" is sufficiently descriptive so there is no need to use "Other."
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#2116254 - 01/31/17 05:31 PM Re: SAR - Kiting Trisha
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,565
The Country
Also recommend closing the account
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#2116255 - 01/31/17 05:32 PM Re: SAR - Kiting Trisha
Trisha Offline
Member
Joined: Aug 2016
Posts: 55
Thank you! Yes, the account will be closed.
Thank you for your help.

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#2116650 - 02/02/17 12:02 PM Re: SAR - Kiting Trisha
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Although the legacy SAR listed "kiting" as a reason for filing a SAR, FinCEN left the option off the current version. Yet, even though they removed the entire category, today they get a little prissy saying that if a bank lists "kiting"under "other," it must identify the type of kiting; e.g. "check kiting."

They appear to be firmly convinced that there is more than one kind of kiting even though most bankers couldn't name another variety on a bet.
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