Comments on: Money Laundering, Suspicious Activities Reports, and Structuring http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/ Firedoglake weblog Wed, 25 Nov 2009 17:38:12 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: mui1 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1332167 mui1 Thu, 13 Mar 2008 19:06:59 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1332167 <blockquote><p>The facts offered barely meet a plausibility test. . . But in the absence of specific grounds justifying the investigation (for instance, an informant complaining about a bribe) prosecutors have no such authority. In <em>this case, the basis for action is extraordinarily weak. Most importantly, the investigators do not appear to be looking into a crime, they appear to be investigating Spitzer in the hopes of finding something compromising</em>.</p></blockquote> <p>Here I am sputtering for words. All I can say is “my suspicion exactly.”</p>

The facts offered barely meet a plausibility test. . . But in the absence of specific grounds justifying the investigation (for instance, an informant complaining about a bribe) prosecutors have no such authority. In this case, the basis for action is extraordinarily weak. Most importantly, the investigators do not appear to be looking into a crime, they appear to be investigating Spitzer in the hopes of finding something compromising.

Here I am sputtering for words. All I can say is “my suspicion exactly.”

]]> By: mui1 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1332155 mui1 Thu, 13 Mar 2008 18:58:57 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1332155 <p><i>But I do know that Spitzer coulda, shoulda, woulda known that these activities would have triggered a SARs.</i><br /> I dunno know. Hindsight is always better.<br /> Possibly there’s a climate in politics where this call girl thing is done, so Spitzer does it too? Risk taking would be kind of heady.<br /> The banking thing is positively Orwellian. If you had the same scrutiny applied to every elected person, it would still be Orwellian. But if the scrutiny was doubly hot on Spitzer for what(?!?) reasons it’s doubly disturbing. The what(?!?) reasons is a big question for me. Some of us probably have ideas, but I would like the US attorney to state his reasons, other than some bogus bribery suspicions. Otherwise it seems they made a federal case out of Spitzer being a “John.”</p> But I do know that Spitzer coulda, shoulda, woulda known that these activities would have triggered a SARs.
I dunno know. Hindsight is always better.
Possibly there’s a climate in politics where this call girl thing is done, so Spitzer does it too? Risk taking would be kind of heady.
The banking thing is positively Orwellian. If you had the same scrutiny applied to every elected person, it would still be Orwellian. But if the scrutiny was doubly hot on Spitzer for what(?!?) reasons it’s doubly disturbing. The what(?!?) reasons is a big question for me. Some of us probably have ideas, but I would like the US attorney to state his reasons, other than some bogus bribery suspicions. Otherwise it seems they made a federal case out of Spitzer being a “John.”

]]> By: orionATL http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331876 orionATL Thu, 13 Mar 2008 14:49:40 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331876 <p>looseheadprop -</p> <p>thanks for a very lucid and informative summary of the banking laws involved in spitzer’s case.</p> looseheadprop -

thanks for a very lucid and informative summary of the banking laws involved in spitzer’s case.

]]> By: bobh http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331633 bobh Thu, 13 Mar 2008 11:34:17 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331633 <p>Are Joe Bruno’s bank accounts subject to the same stringent examination?<br /> Probably not.</p> <p>And it is good to know that the FBI, which let us down on 9/11, has now got its priorities right in staking out Spitzer’s hotel in DC.</p> Are Joe Bruno’s bank accounts subject to the same stringent examination?
Probably not.

And it is good to know that the FBI, which let us down on 9/11, has now got its priorities right in staking out Spitzer’s hotel in DC.

]]> By: bigbrother http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331359 bigbrother Thu, 13 Mar 2008 04:40:16 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331359 <p>Larry Flynt…where are you?</p> Larry Flynt…where are you?

]]> By: sailmaker http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331191 sailmaker Thu, 13 Mar 2008 03:42:41 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331191 <p>I must be confused in that I read the</p> <blockquote><p> “What?” section as including “structured deposits, ATM withdrawals in foreign countries, or wire transfers?” </p></blockquote> <p>as including wire transfers. Like did one do ________, _________, or __________? where wire transfers could be any one of the blanks. I must not be parsing in the same manner as you. </p> <p>Does this mean that if I write 3 checks for $8,000 each, to the same place, I will not trigger a SAR? And I can wire my bookie any amount and feel free to assume there will be no SAR? My accountant says not to do this sort of thing, but he is conservative/Dutch (I don’t know which is more dominant, all I know is that he has kept me out of financial trouble for years).</p> I must be confused in that I read the

“What?” section as including “structured deposits, ATM withdrawals in foreign countries, or wire transfers?”

as including wire transfers. Like did one do ________, _________, or __________? where wire transfers could be any one of the blanks. I must not be parsing in the same manner as you.

Does this mean that if I write 3 checks for $8,000 each, to the same place, I will not trigger a SAR? And I can wire my bookie any amount and feel free to assume there will be no SAR? My accountant says not to do this sort of thing, but he is conservative/Dutch (I don’t know which is more dominant, all I know is that he has kept me out of financial trouble for years).

]]> By: masaccio http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331124 masaccio Thu, 13 Mar 2008 03:13:55 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331124 <p>The point of “structuring” is that the person wants to move more than 10K in cash without generating a report under the Currency Transfer Report rules. This is done by dividing the transfer into several transfers below the threshhold. It doesn’t apply to wires.</p> The point of “structuring” is that the person wants to move more than 10K in cash without generating a report under the Currency Transfer Report rules. This is done by dividing the transfer into several transfers below the threshhold. It doesn’t apply to wires.

]]> By: sailmaker http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331112 sailmaker Thu, 13 Mar 2008 03:07:47 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331112 <p>I don’t think Treasury cares about cash v. wire:</p> <blockquote><p>SAR forms and filing instructions can be found on the website of the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN; <a href="http://www.fincen.gov/reg_bsaforms.html" rel="nofollow">www.fincen.gov/reg_bsaforms.html</a>). Who? Provide a complete pedigree on the subject or business (with officers) and additional signers. Include names, addresses, dates of birth, Social Security numbers, phone numbers, and occupations. Identify additional subjects not named as the accountholder. No person involved in the transaction should be notified of the SAR.</p> <p>What? What made the transaction suspicious? For example, was it structured deposits, ATM withdrawals in foreign countries, or wire transfers?</p> <p>When? Notate the date the activity began. Did the activity routinely occur? Over what period of time?</p> <p>Where? Indicate the branches and accounts affected. Name any other financial institutions and account numbers involved. Are affected accounts open or closed?</p> <p>Why? Describe any information from the customer’s file or from due diligence procedures that could be linked to the suspicious activity.</p> <p>How much? Determine, if possible, the source of the funds or the disposition of the funds and the dollar value of the transactions. Be prepared to provide law enforcement and regulators with supporting documentation. Do not attach or paste objects onto the SAR form. </p></blockquote> I don’t think Treasury cares about cash v. wire:

SAR forms and filing instructions can be found on the website of the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN; http://www.fincen.gov/reg_bsaforms.html). Who? Provide a complete pedigree on the subject or business (with officers) and additional signers. Include names, addresses, dates of birth, Social Security numbers, phone numbers, and occupations. Identify additional subjects not named as the accountholder. No person involved in the transaction should be notified of the SAR.

What? What made the transaction suspicious? For example, was it structured deposits, ATM withdrawals in foreign countries, or wire transfers?

When? Notate the date the activity began. Did the activity routinely occur? Over what period of time?

Where? Indicate the branches and accounts affected. Name any other financial institutions and account numbers involved. Are affected accounts open or closed?

Why? Describe any information from the customer’s file or from due diligence procedures that could be linked to the suspicious activity.

How much? Determine, if possible, the source of the funds or the disposition of the funds and the dollar value of the transactions. Be prepared to provide law enforcement and regulators with supporting documentation. Do not attach or paste objects onto the SAR form.

]]> By: bgrothus http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331101 bgrothus Thu, 13 Mar 2008 03:03:47 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331101 <p>I am just happy to read (according to LHP) that Spitzer has a great lawyer. I hope she can pin the wiretap to the wall, and I really hope that assuming a political agenda, she can put it out there so that “regular voters” can put it together. It will be too late for FISA/retroactive immunity, etc. but we just have to hope that despite his hormones, Spitzer still can pull himself together and use this unhappy moment to help illuminate how ordinary people are not so unlike him.</p> <p>Did I say that? Well, anyway, I hope people who have cash moving around (at least) will “get it.”</p> I am just happy to read (according to LHP) that Spitzer has a great lawyer. I hope she can pin the wiretap to the wall, and I really hope that assuming a political agenda, she can put it out there so that “regular voters” can put it together. It will be too late for FISA/retroactive immunity, etc. but we just have to hope that despite his hormones, Spitzer still can pull himself together and use this unhappy moment to help illuminate how ordinary people are not so unlike him.

Did I say that? Well, anyway, I hope people who have cash moving around (at least) will “get it.”

]]> By: greenwarrior http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331096 greenwarrior Thu, 13 Mar 2008 03:02:13 +0000 http://firedoglake.com/2008/03/12/money-laundering-suspicious-activities-reports-and-structuring/#comment-1331096 <p>I find it strange that the prostitute said she didn’t want anyone thinking she was a <strong>monster</strong>. Maybe she’s got more of a role in removing Spitzer than being a prostitute. </p> <p>What if he didn’t actually do anything and he’s being framed/threatened &/or his family is? /Yes, I’ve laid in a good supply of tinfoil.</p> I find it strange that the prostitute said she didn’t want anyone thinking she was a monster. Maybe she’s got more of a role in removing Spitzer than being a prostitute.

What if he didn’t actually do anything and he’s being framed/threatened &/or his family is? /Yes, I’ve laid in a good supply of tinfoil.

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