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Assume that an organization maintains and uses one checking account. Further assume that a representative of the bank where the checking account is located has alerted law enforcement that the checking account has deposit activity that has several cash deposits that are just below $10,000. The U.S. Treasury Department has reporting requirements for financial institutions that require that cash transactions of $10,000 or more be reported to the U.S. Federal Government on a Currency Transaction Report (CTR) form. CTRs are analyzed using big data and data analytics techniques to identify potential money launderers.
Case Discussion: Consider the following questions:
Problem 1: If the deposits observed by the bank representative are less than $10,000, why is the bank representative concerned?
Problem 2: Assuming that an examination of this issue is launched by law enforcement, what is the scope of the examination?
Problem 3: Assuming that an examination of this issue is launched by law enforcement, should a forensic accountant or fraud examiner subpoena all bank and company records for the past five years? Why or why not?
Problem 4: What would be the first step in an examination of this issue?
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