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#661873 - 01/05/07 06:08 PM cash in safe deposit boxes
Kristi Offline
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Kristi
Joined: Feb 2005
Posts: 94
Does anyone know where in BSA/AML it might discuss prohibiting customers from putting cash in his/her safe deposit box?

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#661904 - 01/05/07 06:39 PM Re: cash in safe deposit boxes Kristi
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
I don't think it could be prohibited...since they rent it, they can put in pretty much anything they wish as long as it is not illegal or harmful/destructive.

Besides the obvious reasons of no FDIC coverage and no interest gains on funds, why is this a practice you wish to prohibit? I can understand suggesting to the customer they might not want to keep cash there, but why prohibit it?
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#662035 - 01/05/07 08:02 PM Re: cash in safe deposit boxes #Just Jay
nk78 Offline
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Joined: Aug 2006
Posts: 67
Illinois
It's not prohibited. However, if you notice that a customer does this, you should review the customer's activity to determine the source of the funds and whether the activity is SAR worthy.

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#662054 - 01/05/07 08:11 PM Re: cash in safe deposit boxes nk78
A_G Offline
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Joined: Jul 2004
Posts: 18,989
Most SDB contracts prohibit the customers from keeping cash inside the box. If you do a search on the issue you will find a lot of past threads.
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