Could this be SAR worthy. A new business customer is in dispute with their old bank over unpaid loan balances. This customer created a "new business", which is really the same business but with new name, new tax ID, etc. All the paperwork is in order. The customer has legal counsel and is fighting the claim against him in court. It is matter of public record. The case is scheduled to be heard in a few months.
The owner of the business (the one with the claim against him) is not a signer on the new business account, only the CFO is. We think this is intentional to avoid any garnishment or levy against the new business account. Do you feel this renaming of the business and keeping the owner off the account qualifies for SAR or is this just normal and reasonable legal tactics pending the resolution of the claim against him?
That being said, there is another element here as he also opened a personal money market account where he originally deposited $76,000 in tax refund checks from the US Treasury. These checks are payable to him as an individual. He has subsequently made 20 cash withdrawals totaling $61,090 in 4 months from October to January. He says he is using the money as gifts and for the business.
I am new to my role and I am needing some guidance on a situation with a customer and situations with future customers. If we are noticing customers are making several transactions day after day with several with a week of $500 or $1,000 for Apple gift cards and we believe that our customer is involved in a scam because this activity is not normal for them.
Do we have an obligation and/or right to report this activity and shut down the customers cards and/or account?
Our customer buys cashiers checks where he is the remitter and payee. Is he hiding money?
Do we run Customer Identification Program (CIP) on signers?
Can our customer be considered to be structuring under our cash rule of $7500? In other words, we gather info on the customer at $7500 in case of a multiple transaction. She has been depositing several times in amounts of $7400 in cash.
Our customer gave his account number to a cousin and the cousin had $250,000 of unemployment come in and out of the account? Will our customer go to jail?
Are beneficial ownership rules changing?
Are CTR and SAR limits changing?
On the national registration of beneficial ownership, is there an exception for those with 20 employees?
What is in the AML Act of 2020 about “keep open” directives? Are we liable if we keep accounts open?