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#1115514 - 01/22/09 09:04 PM CTR filing with a POA
Newbie06 Offline
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Joined: Mar 2006
Posts: 731
I got tired of looking for a previous post in regards to this topic, so I thought I would post the question. Do we treat a POA making a withdrawal over $10,000 the same as we would an individual getting money on behalf of a business? The individual on the account would go in Section A and the POA would go in Section B?

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#1115645 - 01/22/09 10:26 PM Re: CTR filing with a POA Newbie06
devsfan Offline
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Joined: Jun 2004
Posts: 1,927
NYC
It would depend upon who is benefitting from the funds. If the POA is conducting the w/d on behalf of the account holder both should be shown on the CTR but if the is writing a check to the order of the POA it very well might be that the POA is both conducting and benefitting from the funds so only he would be shown.

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#1115801 - 01/23/09 11:14 AM Re: CTR filing with a POA Newbie06
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The basic fiduciary premise is that an attorney-in-fact cannot perform any act from which he would derive personal benefit. So, you might reasonably assume that the attorney-in-fact is acting on behalf of the principal; i.e. the principal goes in section A and the attorney-in-fact goes in section B. If the attorney-in-fact acknowledged that he was cashing the check on his own behalf he would be admitting a breach of responsibility.

Pollyanna would pat me on the head for that analysis.

The larger issue here is that fiduciaries have to keep records and cash withdrawals are an anathema to record keeping; an attorney-in-fact should not be making cash withdrawals of any size. Plug this into your SAR consideration process.
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#1115949 - 01/23/09 03:29 PM Re: CTR filing with a POA Elwood P. Dowd
Newbie06 Offline
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Joined: Mar 2006
Posts: 731
Thanks for the input. After posting the question I got the thinking that a POA really is a person acting on behalf of the individual...and not one who ownes the funds. Therefore, the funds should benefit the owner of the account.

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