Criminal Referral Form [Banking] Law and Legal Definition
When used in the context of banking, Criminal Referral Form was a form that was required to report every instance when a bank employee or affiliate committed or helped in committing crimes such as credit-card fraud, employee theft, or check-kiting. This form was in use from 1988 to 1996. However, now this form has been superseded by the suspicious-activity report.
Criminal referral form is often abbreviated as CFR.
The following is an example of a case law referring to the criminal referral form:
The Bank Secrecy Act requires domestic banks to report any transactions of more than $ 10,000.00, as well as any transactions that appear to have been structured to avoid the $ 10,000.00 reporting requirement. 31 U.S.C.S. §§ 5313, 5324, 31 C.F.R. § 103. Banks must submit these Currency Transaction Reports to the Internal Revenue Service within 15 days of the transaction in question. Because "structuring" is a crime under 31 U.S.C.S. § 5324(a), any bank that knows of or suspects such activity must also file Criminal Referral Forms with the government. [Martinez Colon v. Santander Nat'l Bank, 4 F. Supp. 2d 53 (D.P.R. 1998)].
