(11-10-2019 11:08 AM)Romell Shorter Wrote: (11-09-2019 11:17 PM)doss2 Wrote: (11-09-2019 10:10 PM)Z-Fly Wrote: I’d say I paid it back too. How do you track that?
Forensic accounting.
There is the BSA reporting of cash transactions. BSA is Bank Secrecy Act.
If you were a financial institution officer or director like I am you would know that any cash transaction over $5,000 must be reported to the IRS.
If by check or wire the tracking is easy.
Ummm, I am neither an institution officer nor director, but the amount is $10k.
doss, really starting to question your background.
DS Please read the $5,000 as noted below about SAR Reporting. Out of a multitude of caution almost all financial institutions report any transaction of $5,000 or more or a series of transactions.
Suspicious Activity Reporting — Overview Objective. Assess the bank’s policies, procedures, and processes, and overall compliance with statutory and regulatory requirements for monitoring, detecting, and reporting suspicious activities. Suspicious activity reporting forms the cornerstone of the BSA reporting system. It is critical to the United States’ ability to utilize financial information to combat terrorism, terrorist financing, money laundering, and other financial crimes. Examiners and banks should recognize that the quality of SAR content is critical to the adequacy and effectiveness of the suspicious activity reporting system. Within this system, FinCEN and the federal banking agencies recognize that, as a practical matter, it is not possible for a bank to detect and report all potentially illicit transactions that flow through the bank. Examiners should focus on evaluating a bank’s policies, procedures, and processes to identify, evaluate, and report suspicious activity. However, as part of the examination process, examiners should review individual SAR filing decisions to determine the effectiveness of the bank’s suspicious activity identification, evaluation, and reporting process. Banks, bank holding companies, and their subsidiaries are required by federal regulations53 to file a SAR with respect to: • Criminal violations involving insider abuse in any amount. • Criminal violations aggregating $5,000 or more when a suspect can be identified. • Criminal violations aggregating $25,000 or more regardless of a potential suspect. • Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more, if the bank or affiliate knows, suspects, or has reason to suspect that the transaction: – May involve potential money laundering or other illegal activity (e.g., terrorism financing).54 – Is designed to evade the BSA or its implementing regulations.55 – Has no business or apparent lawful purpose or is not the type of transaction that the particular customer would normally be expected to engage in, and the bank knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction. A transaction includes a deposit; a withdrawal; a transfer between accounts; an exchange of currency; an extension of credit; a purchase or sale of any stock, bond, certificate of deposit,
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Did UC join the ranks of the undefeated?
