Who is the customer when an account is opened by a power-of-attorney. I have read over the answer to the question posted under CIP titled <a href="http://www.bankersonline.com/security/guru2008/gurus_sec022508c.html">"POA CIP Requirements"</a>, and also Section 103.121(a) (3) Q and A outlined in the regulation. What is the definition of "legal capacity"? I am in the process of updating the CIP section of our Anti-Money Laundering Policy and I need to address this issue. A POA comes in and opens a checking account for an individual that is incarcerated. The POA document provides for the POA to open accounts for that person. Since the individual is in jail, does he or she lack legal capacity?
I have some questions relating to penalties and prison terms for violations. What is the maximum fine and maximum prison sentence for willful BSA violation? What is the maximum fine and maximum prison sentence for violating anti-money laundering statutes? What is the fine for negligent CTR reporting and the fine for willful violation of CTR reporting? I have looked on FinCEN, checked the IRS and your website for a definitive answer and can not seem to find one.
We have a business customer that was flagged in our anti-money laundering software for structuring cash deposits between $6000 and $9000. At the time it appeared that he was structuring, and two SARs were filed. After watching the account and investigating the activity more, the deposits appear to be regular activity. We know that once we begin filing a SAR and then stop, we need to document reasons why and future activity in another fashion. How do we continue documenting activity without filing SARs?