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They are required by law to file SARs. If the huge volume of SARs are overwhelming the regulators, perhaps the regulators should not have set the requirements s
by valuearb 6y ago
They are required by law to file SARs. If the huge volume of SARs are overwhelming the regulators, perhaps the regulators should not have set the requirements so ridiculously broad for filing them.
- Nasrudith 6y agoIt sounds like inflation and legislature's stubborn refusal to index value thresholds to inflation or cost of living for whatever reason (innumeracy, a desire to sneak in laws becoming stricter over time, wanting to set up future opportunities for horse-trading) is partially to blame. $25,000 isn't trivial but it is less than it used to be.
- valuearb 6y agoIt’s not inflation, the level never made sense when it started. Maybe $1M, but even the basis of this reporting makes little sense. Go deposit $9,000 in cash at your bank. Later in the same day deposit $1,000. You just committed a federal crime called structuring.
- heavenlyblue 6y agoThe idiocy of this crime is that technically it’s not that hard to make an SQL query to easily detect when someone deposits 10K over a single day so that shouldn’t be even an issue for law enforcement in the first place