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United States v. Bank of New England, N.A.

United States Court of Appeals for the First Circuit
821 F.2d 844 (1987)


Facts

James McDonough withdrew currency from the Bank of New England, N.A. (the bank) (defendant) on 31 occasions over several months. On each occasion, McDonough withdrew over $10,000 from the bank by simultaneously cashing two to four checks, each for an amount under $10,000. Under the Currency Transaction Reporting Act, the bank was required to report customer currency transactions of over $10,000 by filing Currency Transaction Reports. After failing to file reports for McDonough’s transactions, the bank was indicted for violating the statute. At trial, one bank employee testified that head teller Patricia Murphy had instructed her that transactions such as McDonough’s were reportable. Evidence was also presented that the bank circulated an internal memorandum instructing employees that multiple, same-day transactions totaling over $10,000 were reportable. The bank was convicted of violating the statute and subsequently appealed.

Rule of Law

Issue

Holding and Reasoning (Bownes, J.)

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