A SAR filed by a bank on a subject for orchestrating a series of structured transactions revealed that those transactions occurred while the subject was on probation for an earlier criminal offence
I was told by our auditor that personal accounts can’t be used to conduct business transactions and if it happens, a SAR should be filed. Is this correct?
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.
What is the proper titling for a representative payee account for Social Security and what would the relationships be?
Federal law enforcement agencies conducting a tax refund fraud investigation uncovered at least $13.1 million in fraudulently obtained federal and state tax refunds.
By FinCEN Office of Regulatory Analysis
By IRS SB/SE Stakeholder Liaison-BSA/Special Programs
Acknowledging the existing CIP (BSA Manual-8/2007) rules, there appears room within the regulations to enroll Amish families into non-interest bearing accounts with an IRS tax waiver (Form 4029) as long as other forms of positive identity are provided such as birth certificate, marriage license, a tax/property deed or baptism papers. I’m looking for verification in this matter.
Is there an IRS or other regulatory penalty for a bank not having a proper EIN for a business account on "pre-CIP" accounts? If so, where can this information be found?
SARs serve as leads for criminal and civil investigations. These leads often result in federal law enforcement agencies obtaining additional records by subpoena from financial institutions.