3 ms·
The Feds determine if the activity is illegal. SARS are filed as part of the bank’s duty to report and they are liable if they don’t report the activity. You wa
by sailfast 6y ago
The Feds determine if the activity is illegal. SARS are filed as part of the bank’s duty to report and they are liable if they don’t report the activity. You want to err on the side of “more SARs” so you are covered.
But if they’re leaked - that means reputational damage risk is higher so you’ll get less reports from banks and likely make it a lot harder to see patterns of illegal behavior. That’s why this agreement is in place.