First time filing ctr on an IOLTA acct: Do I include the name of the beneficiary? If so, what if the attorney refuses to give any info to identify his client?

Thanks in advance.

Refuse the deposit.

If it's too late for that, call the attorney and be prepared to cite the appropriate reg. We went through this a while back when we realized we were not doing IOLTA CTR's completely. The bank decided to send letters to all our IOLTA accounts letting them know we would be requiring this going forward. I think it helped a lot.

https://www.fincen.gov/resources/statute...-does-financial

look at no. 3

Yes, you need to identify the persons on whose behalf that cash was deposited (notice I did not use the word "beneficiary"). And reciting the Title and section of the CFR is usually the only way you can get an attorney to comply. Back in the day when I had to make that call to any attorney's office, I got pushback. I had to suggest that a report to the state Bar would be the next step.

One of several previous threads. Note the reference to the attorney's pre existing responsibility to report the transaction himself.

I usually try to be a little circumspect and say "You should consider filing a SAR." In this case, where dipstick has refused to give you the information, you have no choice. When you make your last attempt to get the information, ask him if he's filed Form 8300. If he doesn't give you the information, include his response in your SAR narrative.

Thank you so much for your help!

Which EIN would you use for the law firm? The law firm's EIN? or the EIN number that's issued by the Bar Association?

The EIN for the Bar Association is just a device that someone dreamed up to make sure that interest on an IOLTA isn't reporting in the name of the law firm or attorney. It is not in any way related to the account's ownership, and should not be used on the CTR.

Thank you John.

Since this is the latest thread, I have a question. The attorney makes a deposit to the IOLTA for 2 of her clients, but it is not over 10k combined, but she also make a deposit to her personal business account which is also not over l0k, but she handled more than 10k with both transactions. Do we still have to get information on the two clients?

Since more than $10,000 was conducted by the same person, yes we must also then include all person's on whose behalf the transaction was conducted. No different than a business owner depositing transactions below threshold to the business account plus additional funds below threshold to a personal account that when aggregated exceed $10,000.

Similar scenario for me. $7000 deposited into operating account and $4400 into IOLTA account. I spoke to the attorney and she said "in theory, the $4400 is unearned fees so the law firm will benefit from the cash deposit, not her client." Any thoughts on this response? I hadn't thought about it like this before.

IMHO opinion - until they are earned, they are still on behalf of his client.

I agree, otherwise they would not have been deposited into the IOLTA, which is specifically for client funds.