31 CFR 1020.320 - Reports by banks of suspicious transactions
| Cite as | 31 CFR 1020.320 |
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73 practice notes
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Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
...of any financial institution, to report any suspicious transaction relevant to a possible violation of law or regulation.'' \74\ See 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, and 1026.320, 1029.320 and \75\ See 31 U.S.C. 5311 (Declaration of Purpose of the Bank Secr......
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Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
...of foreign banks.\20\ --------------------------------------------------------------------------- \19\ See 31 CFR 1010.306-315 (CTRs); 31 CFR 1020.320 (SAR rule for banks); 31 CFR 1010.410 (records to be made and retained by financial \20\ Private banks, trust companies, and credit unions a......
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Dusek v. JPMorgan Chase & Co., Case No. 2:14–cv–184–FtM–29CM.
...for the transaction after examining the available facts, including the background and possible purpose of the transaction." 31 C.F.R. § 1020.320(a)(2).A separate Bank Secrecy Act regulation provides that a bank must file a Suspicious Activity Report (SAR) when it detects any known or suspec......
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Fbme Bank Ltd. v. Lew, Case No. 15-cv-01270 (CRC)
..."knows, suspects, or has reason to suspect" involve possible illegal activity. See FBME I , 125 F.Supp.3d at 120 n. 3 (quoting 31 C.F.R. § 1020.320(a) ).3 FBME essentially argues that these provisions must be read literally—that FinCEN must consult with the specific individuals serving as t......
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30 cases
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Dusek v. JPMorgan Chase & Co., Case No. 2:14–cv–184–FtM–29CM.
...for the transaction after examining the available facts, including the background and possible purpose of the transaction." 31 C.F.R. § 1020.320(a)(2).A separate Bank Secrecy Act regulation provides that a bank must file a Suspicious Activity Report (SAR) when it detects any known or suspec......
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Fbme Bank Ltd. v. Lew, Case No. 15-cv-01270 (CRC)
..."knows, suspects, or has reason to suspect" involve possible illegal activity. See FBME I , 125 F.Supp.3d at 120 n. 3 (quoting 31 C.F.R. § 1020.320(a) ).3 FBME essentially argues that these provisions must be read literally—that FinCEN must consult with the specific individuals serving as t......
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Marino v. Gulf Coast Bank & Trust Co., No. 15–CA–307.
...in accordance to any federal statute or rule. The provisions of 31 U.S.C. § 5318(g) and 12 C.F.R. §§ 21.11, 208.62, 353.3, and 31 C.F.R. § 1020.320 require financial institutions to report suspicious activity associated with known or suspected violations of law. Any alleged disclosures or c......
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Grad v. Associated Bank, Appeal No. 2010AP1461
...conducted "to, from, or through" the account must be reported to federal authorities. Id.; see also 12 C.F.R. § 208.62 (2011); 31 C.F.R. § 1020.320. ¶39 Grad alleges Associated Bank's program to ferret out suspicious activity was woefully inadequate. The program allegedly failed to account ......
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14 firm's commentaries
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FinCEN Publishes Guidance Pertaining to Certain Business Models Involving Convertible Virtual Currencies
...lawful purpose; or involves the use of the financial institution to facilitate criminal activity. See generally, 31 CFR §§ 1010.320, 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, 1026.320, 1029.320, and 1030.320. Suspicious activity involving CVC may be observable by financial......
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Growing Medical Marijuana, Problematic in Bankruptcy, and Out
...source of revenue to large-scale criminal enterprises, gangs, and cartels.” [xi] See note 5 of the FinCEN report, citing, e.g., 31 CFR § 1020.320. [xii] FIN-2014-G001, Guidance, “BSA Expectations Regarding Marijuana-Related Businesses” (Feb. 14, 2014), available at ...
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Avoiding Pitfalls During Post-Pandemic Government Investigations
...parameters for filing are not met. (Those regulations can be found at 12 C.F.R. § 21.11 (OCC), § 208.62 (FRB), § 353.3 (FDIC), and 31 C.F.R. § 1020.320 Because SARs provide pertinent information collected by financial institutions about suspicious activity—often including customer names, ad......
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AML Information Sharing in a Technology-Enabled and Privacy-Conscious World
...http://www.fintrac-canafe.gc.ca/publications/ar/2018/1-eng.asp#s4. 5 For example, SAR confidentiality rules for banks can be found in 31 CFR 1020.320(e) and similar provisions exist for all other financial institutions with a SAR obligation. 6 As a precondition to processing personal data, ......
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1 books & journal articles
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Smokin' Hot: Ethical Issues for Lawyers Advising Business Clients in States with Legalized Medical or Recreational Marijuana
...[https://perma.cc/8BJA-7S8U] (last visited Feb. 8, 2019). 89. See, e.g., 12 U.S.C. § 1818 (2018). 90. 31 C.F.R. § 1020.320 (2018). 91. Id. 92. For more information on this, see IRS Form 8300 Reference Guide, IRS https://www.irs.gov/businesses/small-businesses-self-employed/irs-form-8300-ref......
27 provisions
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Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
...of any financial institution, to report any suspicious transaction relevant to a possible violation of law or regulation.'' \74\ See 31 CFR 1020.320, 1021.320, 1022.320, 1023.320, 1024.320, 1025.320, and 1026.320, 1029.320 and \75\ See 31 U.S.C. 5311 (Declaration of Purpose of the Bank Secr......
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Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
...of foreign banks.\20\ --------------------------------------------------------------------------- \19\ See 31 CFR 1010.306-315 (CTRs); 31 CFR 1020.320 (SAR rule for banks); 31 CFR 1010.410 (records to be made and retained by financial \20\ Private banks, trust companies, and credit unions a......
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Customer Due Diligence Requirements for Financial Institutions
...and pursue illicit financing activity. --------------------------------------------------------------------------- \21\ See, e.g., 31 CFR 1020.320. --------------------------------------------------------------------------- Page 4. Facilitating Tax Compliance Customer due diligence also fac......
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Customer Due Diligence Requirements for Financial Institutions
...and pursue illicit financing activity. --------------------------------------------------------------------------- \12\ See, e.g., 31 CFR 1020.320. --------------------------------------------------------------------------- iv. Facilitating Tax Customer due diligence also facilitates tax re......
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