Marijuana Termination SAR

Posted By: aBSAlife4me

Marijuana Termination SAR - 04/13/15 03:07 PM

Hello all,

Has anyone had any experience filing a 'SAR Termination'?

We have a Medical Marijuana business that we are closing down and will be filing a SAR Termination'. We located their 'true' business during our EDD process. Since they have not conducted any transactions yet, what amount should I use for the SAR?

Any help is appreciated. Thank you.
Posted By: PrimeTime

Re: SAR Termination - 04/13/15 03:29 PM

Was there an initial deposit or anything?

Also, based on the way you stated that you located their 'true' business, I'm guessing they weren't up front about their business with you. That being said, if you become aware of their intent to move to another FI, 314b them and let them know.
Posted By: rlcarey

Re: SAR Termination - 04/13/15 03:32 PM

My question is what is a "SAR Termination"????
Posted By: Elwood P. Dowd

Re: Marijuana Termination SAR - 04/13/15 03:59 PM

Hiccup: Marijuana Termination SAR? You'll find Prime Time's suggestion to rat them out under 314(b) in the Guidance.
Posted By: Pat Patriot Act

Re: Marijuana Termination SAR - 04/13/15 08:25 PM

Originally Posted By aBSAlife4me
Hello all,

Has anyone had any experience filing a 'SAR Termination'?

We have a Medical Marijuana business that we are closing down and will be filing a SAR Termination'. We located their 'true' business during our EDD process. Since they have not conducted any transactions yet, what amount should I use for the SAR?

Any help is appreciated. Thank you.


You can file a zero dollar SAR, but as others have mentioned, there's almost no chance they haven't conducted a single transaction.

Don't overthink the dollars here, just report everything going in and out. If you issue them a bank check, report the bank of first deposit in the narrative.