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#2260733 - 10/05/21 08:00 PM SAR?
Jennifer Offline
100 Club
Joined: Dec 2014
Posts: 170
Customer withdraws $40k from account to place in safe deposit box. Reason - cannot have a high balance on the account in order to received medicaid, insurance help, etc. Should a SAR be filed?

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#2260735 - 10/05/21 08:11 PM Re: SAR? Jennifer
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 77,573
Galveston, TX
I suppose you could, but they must be really planning ahead, as Medicaid has a five year lookback period.
The opinions expressed here should not be construed to be those of my employer:

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#2260797 - 10/06/21 02:55 PM Re: SAR? Jennifer
ColoradoAML Offline
100 Club
Joined: Mar 2018
Posts: 240
We have filed in similar situations when a customer tells us they're taking money from their account to help them qualify for a government program they otherwise wouldn't qualify for.

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#2260802 - 10/06/21 03:06 PM Re: SAR? Jennifer
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,408
Cape Cod
Regardless of the look-back capability, the customer has copped to intent to defraud. That would trigger a SAR if I were in your place.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2262330 - 11/10/21 02:22 PM Re: SAR? Jennifer
SteveDave Offline
New Poster
Joined: Aug 2021
Posts: 20
I would go with filing a SAR anytime a customer admits to actively scheming like this. Hope it all turned out well.

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