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#2188297 - 08/07/18 07:16 PM Define a 'round dollar' deposit
Daisy Doodle Offline
Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
Say to say $5,000 is a round dollar deposit.
What about $5,500.00? Is that a round dollar deposit?
What about $500.00? Is that a round dollar deposit?

How does everyone define? Does it mean no cents, nothing in the 1's place or 10's place?

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#2188300 - 08/07/18 07:24 PM Re: Define a 'round dollar' deposit Daisy Doodle
TryingtoComply Offline
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Joined: Apr 2013
Posts: 2,199
The West
Yes. Typical business transactions are odd dollar amounts due to sales tax.
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#2188302 - 08/07/18 07:29 PM Re: Define a 'round dollar' deposit Daisy Doodle
Daisy Doodle Offline
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Joined: Feb 2014
Posts: 1,030
Southern U.S.
Are you referring to cents then? If there are no cents to a deposit, you would consider it a round dollar deposit?

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#2188303 - 08/07/18 07:29 PM Re: Define a 'round dollar' deposit Daisy Doodle
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
It can be defined asn any of the above. If you're running a rule for round dollar deposits it's usually a good idea to use the $5,000 example.
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#2188316 - 08/07/18 08:02 PM Re: Define a 'round dollar' deposit Daisy Doodle
TryingtoComply Offline
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Joined: Apr 2013
Posts: 2,199
The West
Daisy,

Not necessarily. As you said, when we make reference to round dollar amounts it may be for any thousands ($5,000, $4,000, $3,000, etc.), but may also include transactions like $8,700, $6,300, $5,100, etc.

Some customers round their deposits to make it easier to prepare their deposits.

If you are trying to build a scenario in your AML software, I agree with ABCbank.

Maybe you can share why you are asking so that we have a better understanding.
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#2188329 - 08/07/18 08:27 PM Re: Define a 'round dollar' deposit Daisy Doodle
Daisy Doodle Offline
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Joined: Feb 2014
Posts: 1,030
Southern U.S.
Lol. We have a new BSA analyst learning to write SARS. I am approving her SARS (and correcting her SARS). She made a comment in a narrative for a cash intensive business that she had observed (11) round dollar deposits. In checking her work, I did not see (11) round dollar deposits, I saw (3). It occurred to me that we were using different definitions but I had never articulated for myself what made a deposit 'round'. It was more like 'I know it when I see it'. Hence, the call for opinions!

We are leaning toward calling a deposit round if there were zeroes in the cents, ones, and tens place and GENERALLY, the hundreds place would be zero or five. Rule of thumb only.

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#2188374 - 08/08/18 01:30 PM Re: Define a 'round dollar' deposit Daisy Doodle
McGruff Offline
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McGruff
Joined: Feb 2004
Posts: 262
Texas
Yep, I consider a round amount to be a number with nothing in the cents or ones places. So, $6,000, $6,300, $7,510, $8,155, etc.

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#2188376 - 08/08/18 01:38 PM Re: Define a 'round dollar' deposit Daisy Doodle
Daisy Doodle Offline
Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
See, I would not feel suspicious of a $7,510 (and similar) as a cash deposit for a cash intensive business. It just doesn't seem like a 'planned strategy' sort of amount to me. Of course, the whole overall picture has to make sense always.

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