We recently had a member come in and pay off her auto loan in cash, $10,500. She however had a non member with her who had the cash in her possession and handed it to the teller. When asked to produce ID for the large sum of cash she said that she did not want to. She would be the conductor but her identity is unknown. How should the CTR be filled out?
Can an auto salvage yard/dealer be exempt from a CTR?
The bank has received a levy for a taxpayer. The name on the levy is styled as: John Doe DBA Doe's Auto Sales. The tax id number on the levy is an EIN, not John's SSN. We do not have any accounts for the business, but we do for the owner, in his social security number. Does the levy on the business extend to his personal account since it is a DBA?
The following press releases highlight cases where legitimate businessmen used their enterprises to launder money for criminals.
I process Visa and MasterCard chargebacks for several financial institutions and I am currently working on a case where the financial institution is not wanting to provide the cardholder provisional credit. The cardholder was making several auto fuel purchases in Florida and was called around the same time to verify transactions on her account. No one knows exactly what was said to verify the charges, but the cardholder agreed the gas charges were hers. Unknowingly to the cardholder there was actually counterfeit activity going on at gas stations in Massachusetts, so after her card was unblocked the fraud continued to happen. The financial institution has decided since the cardholder agreed that the original charges were valid and the card was unblocked for more counterfeit transactions to post, they will not be giving the cardholder credit because the fraud alert company tried to stop a further loss, but the cardholder insisted it wasn't fraud. Since I am the fraud processor, the cardholder keeps calling me because she wants this to be taken care of ASAP. She is out hundreds of dollars, but the financial institution is not budging on giving her credit because it's going to be a loss to them due to the card being counterfeit. Please give me some advice on this issue. I think people can make mistakes and I think when [Name of Fraud Protection Co Withheld] called to verify charges it was an oversight of the cardholder due to her making the same type purchases in her home town and we can not guarantee [Name of Fraud Protection Co Withheld] told her it was out of state charges. The financial institution knows there was counterfeiting going on that weekend because they had at least five accounts affected for the same merchants and state. Is the financial institution required to give the cardholder credit?
Use of the Category ?Other?
This section of The SAR Activity Review outlines findings from Suspicious Activity Reports referencing credit union cooperatives that provide shared-branching services to member credit unions.
We have a customer, Joe, who is the sole-proprietor of Joe's Auto. He has a Joe's Auto account and a joint account with his wife. He brings in $6000 and deposits it into his Joe's Auto account and deposits $6000 into his joint account. I know we need to file a CTR on Joe, but do we need to also complete section A on Joe's Auto and his wife since their portions are less than $10,000?
The Federal Bureau of Investigation opened an investigation based upon information in SARs filed by banks indicating significant check kiting activity.
In reviewing an auto loan app today I noticed the customer has had 13 auto loans in the last 24 months (June '04 to June '06). He trades them in, usually with the same dealer. He has never made more than 2 payments on a loan. He first became our customer in July '02 and through Aug '03 received 9 separate auto loans, with this same pattern - one or two payments and trades off. Three off the loans in his whole portfolio received large principal reductions as one of their payments. None appear to be in cash. Is there cause here for a SAR? Or is this simply an aggravating customer?