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Do smaller banks/credit unions tend to file these reports? My guess is that only Chase, Bank of America, etc. do this.
by Hydraulix989 7y ago
Do smaller banks/credit unions tend to file these reports? My guess is that only Chase, Bank of America, etc. do this.
- gamblor956 7y agoAll transfers over $9999.99 are reported to the federal government. That includes multiple transfers made within the same 30 day period that in the aggregate would exceed $9999.99.
- Hydraulix989 7y agoYes, and what you are describing is another type of report that is distinct from a “suspicious activity report”. The limit report you described is a hard threshold requirement. This is not the same report as the “suspicious activity report.” As you know, the suspicious activity report is completely subject to the bank’s discretion.
- onetimemanytime 7y agodo they report suspicious transfers--or all transfers around $10k as a matter of routine?
- Hydraulix989 7y agoThe latter is required; the former is also “required” but more nebulous (it’s only a problem if there is some incident and then during an investigation, look back and it turns out the bank didn’t file the report, creating a convenient scapegoat in an otherwise difficult case).
- Godel_unicode 7y agoIn the US, all banks (as well as other financial institutions) are legally required to file such reports (SARs) with FinCEN. https://www.law.cornell.edu/cfr/text/31/1020.320# https://www.law.cornell.edu/cfr/text/31/1020.320#