MILLION DOLLAR MORTGAGES/GOVT MINISTER/FIU

[kaylex]

http://www.guardian.co.tt/news/2013-04- ... d-flag-fiu



Bank raises red flag with FIU
Govt official pays off $m loans in 6 months
Published: Sunday, April 14, 2013
DENYSE RENNE

Republic Bank has alerted the Financial Intelligence Unit (FIU) to the suspicious transactions of a senior government official. The bank, sources say, raised a “red flag” after the official paid off two million-dollar mortgages within a six-month time frame. One of the mortgages was for a property purchased through the official’s private company in 2010 valued at $1.75 million, while the other was for a property purchased in September 2011 at a cost of $3.3 million.

The bank initially started its own investigation late last year after discovering the mortgages were fully paid off. Bank officials noticed that apart from the monthly payments, the government official was also making payments on a daily basis towards the mortgages. The daily payments, sources say, were close to $42,000 and were paid at different banks throughout the country. Banking officials, however, say there is a $60,000 per day limit on the amount of money which can be deposited in personal accounts.

“Anything higher than this, individuals will have to declare a source of funds,” the banking official, who did not want to be named, told the Sunday Guardian.

According to banking regulations issued by the Central Bank, and under the heading large/suspicious transaction records, “financial institutions should review and properly document the background and purpose of all complex, unusual, or large transactions…every financial institution which receives cash, bank cheques, drafts, money orders or traveller’s cheques in an amount in excess of the threshold shall keep and retain a large transaction record...”

Following investigations by Republic Bank, it was discovered that the government official also has accounts with other banking institutions. However, no money was withdrawn during the said period in which the daily deposits to Republic were made on the mortgage accounts. It was after this internal probe was completed that Republic Bank alerted the FIU of the transactions.

In response to questions from the Sunday Guardian on the matter, Republic Bank, through its Corporate Communications and Marketing Department, said in a statement, "We are unable to reveal actual bank procedures. However, and as you would imagine, we cannot comment on any transactions which might or might not have occurred.

“The bank is guided by the Proceeds of Crime Act 2009 in identifying and reporting transactions which might be considered suspicious based on descriptions provided by Section 55 of the act.” The FIU, in a release in response to questions as to whether a report was made to them by Republic Bank, said such disclosures are confidential, adding should they be made public it would breach sections 21 and 24 of the FIU Act.

The intelligence unit is headed by Susan Francois, while Nigel Stoddard is its deputy director. Asked specifically whether the government official is currently being probed, the FIU said: "The subject of a suspicious transaction activity/reports (STR/SAR) is confidential information. The FIU cannot disclose the person who is the subject of a STR/SAR.

“The FIU cannot disclose whether it has sent an intelligence report to law enforcement agencies (LEA) for their investigation, or whether an investigation has commenced on an individual or legal entity.” The release further said should such confidences be breached, an FIU officer would face the penalty of a fine of $250,000 and three years' imprisonment.

Last August, Attorney General Anand Ramlogan said some 300 reports involving suspicious-activity transactions were made to the FIU. He was speaking in the Senate on the Miscellaneous Provisions (Financial Intelligence Unit of Trinidad and Tobago and Anti-Terrorism) Bill 2012.

[kaylex]

This song came to mind when I read this...

[VexXx Dogg]

42000 per day cash.???
wtf

[FullStop]

glad i dont bank with republic...

[hustla_ambition101]

feeling for stew goat.....

[shogun]

And the cycle continues....

This place is sickening.

[j.o.e]

glad i dont bank with republic...

why?

[gooner]

Didn't the AG buy a house for 1.7million in 2010. He's mih neighbor now.

[rfari]

OP u anti guberment. Shut ur whore mouf!

[pete]

The local newspapers are the greatest yes. They don't publish the name of the person but give hints to who the person would be, or they throw in a somewhat related previous story naming someone at the end.

[zoom rader]

Seems the Bank Vex the dude paid off his mortgages before time.

[neilsingh100]

Seems the Bank Vex the dude paid off his mortgages before time.

If he was doing legit business why spread the deposits over time and using several banks.

[kurpal_v2]

Seems the Bank Vex the dude paid off his mortgages before time.

If he was doing legit business why spread the deposits over time and using several banks.

Is it illegal to do so?



Btw republic bank full of snitches

[nemisis]

Seems the Bank Vex the dude paid off his mortgages before time.

If he was doing legit business why spread the deposits over time and using several banks.

Is it illegal to do so?



Btw republic bank full of snitches

not illegal but definitely suspect

[Allergic2BunnyEars]

Seems the Bank Vex the dude paid off his mortgages before time.

Banks don't work this way. There are penalties to be paid if you pay up all early OR the total amount to be paid takes into account interest already. In both scenarios the bank "wins" so it is of no use to them to unnecessarily report someone for paying early.

[Rooki3]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

[kurpal_v2]

Just think if a bank official could drop that kinda info for a guardian reporter snitch money, what would they do when your kidnappers are offering $50,000.

[nemisis]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

see post above yours for clarification

[Allergic2BunnyEars]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

see post above yours for clarification

you studying rookie? excuse him. yuh doh take mortgage when yuh livin in yuh mudda house.

[kurpal_v2]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

see post above yours for clarification

you studying rookie? excuse him. yuh doh take mortgage when yuh livin in yuh mudda house.

Too early

[FullStop]

glad i dont bank with republic...

why?

this

Btw republic bank full of snitches

and this

Just think if a bank official could drop that kinda info for a guardian reporter snitch money, what would they do when your kidnappers are offering $50,000.

[j.o.e]

All banks have that policy fellas... if they dont report large, suspicious or unusual transactions they risk severe fines and losing their license. They also have to pay additional attention to Politically Exposed Persons (PEPS). Its an international standard.

[Rooki3]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

see post above yours for clarification

yes there is an early repayment charge, but interest over the years will certainly outweigh this.

then there is the FACT that you wud have the equity of the house as your asset.

have there pros & cons depending on the specific consumer, early repayment wud no doubt hurt plebs who can't & worth be wise for them to toss lumpsums @ repaying, but this tactic works to the advantage ppl who are able to afford such.

[rfari]

Seems the Bank Vex the dude paid off his mortgages before time.

dais all, dey toting cause he duck dem dey interest early!!

well done anand

see post above yours for clarification

you studying rookie? excuse him. yuh doh take mortgage when yuh livin in yuh mudda house.

Lawd

[pioneer]

ITT we believe politicians become politicians because they want to help people.

[kurpal_v2]

All banks have that policy fellas... if they dont report large, suspicious or unusual transactions they risk severe fines and losing their license. They also have to pay additional attention to Politically Exposed Persons (PEPS). Its an international standard.

What's the policy on snitching?

[Allergic2BunnyEars]

All banks have that policy fellas... if they dont report large, suspicious or unusual transactions they risk severe fines and losing their license. They also have to pay additional attention to Politically Exposed Persons (PEPS). Its an international standard.

What's the policy on snitching?

Policy there to fool you. No point in a policy that can't be enforced. When they hire you in the bank they don't even train you about this policy. You might hear about it by the way but noone refers to it in training, meetings etc. The mere fact banks report things depending on the size of the transaction should tell you something about the other policies of confidentiality.

[j.o.e]

All banks have that policy fellas... if they dont report large, suspicious or unusual transactions they risk severe fines and losing their license. They also have to pay additional attention to Politically Exposed Persons (PEPS). Its an international standard.

What's the policy on snitching?

Policy there to fool you. No point in a policy that can't be enforced. When they hire you in the bank they don't even train you about this policy. You might hear about it by the way but noone refers to it in training, meetings etc. The mere fact banks report things depending on the size of the transaction should tell you something about the other policies of confidentiality.

Firstly anyone disclosing info to the media (or anyone else) for reward or other wise is wrong.. that's a issue for the bank and ppl could get fired for it...and have in the past in various institutions locally. But of course snitiching is hard to prove because it needs either a slip up or someone to sell out their source.

Secondly banks don't only report large transactions Allergic.... while a large transaction obviously will draw attention..a bank by law must also report unusual or suspicious transactions.....e.g someone depositing $10,000 every day is not a large transaction, but if it is not aligned with his stated source of income then it is unusual/suspicious. Doing transactions in various branches is suspicious.
So based on the story the transactions were large, suspicious, unusual..the Minister is a pleb for taking his kickback in such a obvious way IMHO.

The classic example of small unusual transactions which draw attention is daily/weekly deposits in $5 and $10 denominations. Small money..but consistent of a street level drug pusher

[Allergic2BunnyEars]

Is all that? Well look how Kurps will ketch fits now.

[brams112]

Simple as a business man who goes to the bank on a weekly basis to do deposits,the teller may see you somewhere else,tells her man boi that man does come to the bank every monday with plenty money to deposit.Her man then sees you liming somewhere with friends,tells his padners boi that man have real paper,your ass in heat because a bandit hears and you get robbed monday on they way to the bank door with a bullet to your head.