Q: What triggers a suspicious activity report

[pocketpared]

Q: What triggers a suspicious activity report and a currency report? A: Suspicious activity reports are not triggered by any threshold. It's just that the casino has a responsility to file one if they see some activity that seems suspi cous.

http://www.nj.com/business/ledger/in...xml&coll=1

[JackInDaCrak]

Casinos must file CTR at 3000

SAR is up to the person reporting it - they can file it for anything that looks suspicious.

[JackInDaCrak]

I should say, Casinos must file a CTR at 10,000, but most file at 3,000 to avoid problems with structuring.

[bav]

[ QUOTE ]
Casinos must file CTR at 3000

[/ QUOTE ]
$10001, actually. But they track $3000 cash transactions internally so if you hit $10K in a day they can do the CTR.

I found stats online somewhere listing the number of CTRs and SARs banks and casinos do. Banks are far more likely to do a SAR. The number of SAR's issued by casinos compared to CTR's was teensy compared to what banks do. So I guess the moral is you should launder your money in a casino.

[pocketpared]

CTR is at 10,000.01.

[JackInDaCrak]

That's the threshold for mandatory CTR. But many institutions file it for smaller transactions.

[deadbody]

[ QUOTE ]
That's the threshold for mandatory CTR. But many institutions file it for smaller transactions.

[/ QUOTE ]

Then they are stupid, and aren't following the law, they might start preparing them when they see transactions they think might exceed the threshold, but they don't acutally submit them until they cross the threshold (or they shouldn't because the gubmint yells at you and tells you to file a SAR)

THere is a Monetary Instrument log that is required any time someone buys $3k or more of a negotiable instrument in cash, this is money orders, cashiers checks, or travelers checks, NOT casino chips (as they are not negotiable anywhere but the casino).

Former bank manager now working for a state department of revenue, so I'm pretty solid on those answers. [img]/images/graemlins/smile.gif[/img]

[HighSteakesPr0]

So if I made a one time 10k cash withdrawel there is no way my bank filed one? also do they just file it or do you have to sign it or something, i.e. would i know if they filed one?

edit- would it be suspisious activity if someone wired exactly 10k into my checking account (which i rarely keep more than 1k in) and i withdrew that in cash a couple of hours later?

[Jimbo]

[ QUOTE ]
[ QUOTE ]
That's the threshold for mandatory CTR. But many institutions file it for smaller transactions.

[/ QUOTE ]

Then they are stupid, and aren't following the law, they might start preparing them when they see transactions they think might exceed the threshold, but they don't acutally submit them until they cross the threshold (or they shouldn't because the gubmint yells at you and tells you to file a SAR)

THere is a Monetary Instrument log that is required any time someone buys $3k or more of a negotiable instrument in cash, this is money orders, cashiers checks, or travelers checks, NOT casino chips (as they are not negotiable anywhere but the casino).

Former bank manager now working for a state department of revenue, so I'm pretty solid on those answers. [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

I see why you said former bank manager. Below is the pertinent excert from the IRS website itself and the link to their FAQ:

"When is an MSB required to file a SAR?
An MSB identified in question two must file a SAR on a transaction or series of transactions conducted or attempted by, at, or through the MSB if both of the following occur:

The transaction or series of transactions involves or aggregates funds or other assets of $2,000 or more, AND
The MSB knows, suspects, or has reason to suspect that the transaction (or a pattern of transactions of which the transaction is a part) falls into one or more of the following categories:
It involves funds derived from illegal activity, or is intended or conducted in order to hide or disguise funds or assets derived from illegal activity as part of a plan to violate or evade any federal law or regulation, or to avoid any transaction reporting requirement under federal law or regulation; or
Is designed to evade any BSA regulations; or
Has no business or apparent lawful purpose, or is not the sort in which the particular customer would normally be expected to engage, and the MSB knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction; or
Involves use of the money services business to facilitate criminal activity.
An issuer of money orders or traveler’s checks is required to report a transaction or pattern of transactions that involves or aggregates funds or other assets of $5,000 or more when that establishment identifies the transaction(s) as suspicious from its review of clearance records or other similar records of money orders or traveler’s checks that it has sold or processed.

An MSB is required to file each SAR no later than 30 calendar days after the date of the initial detection by the MSB of facts that may constitute a basis for filing a SAR.

An MSB may voluntarily file a SAR for a suspicious activity in situations where reporting is not required."

IRS LInk

Jimbo

[deadbody]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
That's the threshold for mandatory CTR. But many institutions file it for smaller transactions.

[/ QUOTE ]

Then they are stupid, and aren't following the law, they might start preparing them when they see transactions they think might exceed the threshold, but they don't acutally submit them until they cross the threshold (or they shouldn't because the gubmint yells at you and tells you to file a SAR)

THere is a Monetary Instrument log that is required any time someone buys $3k or more of a negotiable instrument in cash, this is money orders, cashiers checks, or travelers checks, NOT casino chips (as they are not negotiable anywhere but the casino).

Former bank manager now working for a state department of revenue, so I'm pretty solid on those answers. [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

I see why you said former bank manager. Below is the pertinent excert from the IRS website itself and the link to their FAQ:

"When is an MSB required to file a SAR?
An MSB identified in question two must file a SAR on a transaction or series of transactions conducted or attempted by, at, or through the MSB if both of the following occur:

The transaction or series of transactions involves or aggregates funds or other assets of $2,000 or more, AND
The MSB knows, suspects, or has reason to suspect that the transaction (or a pattern of transactions of which the transaction is a part) falls into one or more of the following categories:
It involves funds derived from illegal activity, or is intended or conducted in order to hide or disguise funds or assets derived from illegal activity as part of a plan to violate or evade any federal law or regulation, or to avoid any transaction reporting requirement under federal law or regulation; or
Is designed to evade any BSA regulations; or
Has no business or apparent lawful purpose, or is not the sort in which the particular customer would normally be expected to engage, and the MSB knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction; or
Involves use of the money services business to facilitate criminal activity.
An issuer of money orders or traveler’s checks is required to report a transaction or pattern of transactions that involves or aggregates funds or other assets of $5,000 or more when that establishment identifies the transaction(s) as suspicious from its review of clearance records or other similar records of money orders or traveler’s checks that it has sold or processed.

An MSB is required to file each SAR no later than 30 calendar days after the date of the initial detection by the MSB of facts that may constitute a basis for filing a SAR.

An MSB may voluntarily file a SAR for a suspicious activity in situations where reporting is not required."

IRS LInk

Jimbo

[/ QUOTE ]

And I see why you are a frelling moron.

I said nothing about Suspicious Activity Reports (or SAR's) because you can file those at any time for any reason.

Currency Transaction Reports (or CTR's) can ONLY be filed for aggregate cash transactions over $10,000 in 1 business day.

CTR looks very different than SAR, but thanks for playing. I may not know a lot of things, but I am pretty damn solid at my job, and knowing all the minutae is something I pride myself on.