29 ms·

SARs are filed automatically any time the amount is over a certain number, I think the simplest one is at $10k and then there is a more detailed one for some la

SARs are filed automatically any time the amount is over a certain number, I think the simplest one is at $10k and then there is a more detailed one for some larger threshold amount. There must be millions filed per week. Have never been able to determine if what someone told me is true... that publicly traded companies are exempt from many of these regulations.

wemblee 6y ago
That's incorrect. You're confusing SARs with CTRs, which are reports of cash transactions. SARs are for the most part at the discretion of bank compliance officers, although there are a few "automatic" ones.
- sneak 6y ago
  SARs are required any time someone is asked to fill out a CTR (which they can be, by the bank, optionally, for any amount) and declines to do so. Imagine going to your bank and trying to withdraw $3000 or $5000 in cash, and them asking you to fill out a CTR out of an abundance of caution (like the fact that you’ve never made a cash withdrawal of that size before). Don’t feel like filling out extra forms to get access to your own money? In a hurry and don’t have time? Decline the CTR and say you’ll deal with it another time? It’s now a criminal offense for the bank to not file a SAR based on your refusal to complete the requested CTR.
- shrubble 6y ago
  https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-reports/index-suspicious-activity-reports.html https://www.occ.treas.gov/topics/supervision-and-examination... Quoted from above page on SAR reports: Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as: -Keep records of cash purchases of negotiable instruments, -File reports of cash transactions exceeding $10,000 (daily aggregate amount), and -Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion).
deleted 6y ago
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wemblee 6y ago

That's incorrect. You're confusing SARs with CTRs, which are reports of cash transactions. SARs are for the most part at the discretion of bank compliance officers, although there are a few "automatic" ones.

sneak 6y ago
SARs are required any time someone is asked to fill out a CTR (which they can be, by the bank, optionally, for any amount) and declines to do so. Imagine going to your bank and trying to withdraw $3000 or $5000 in cash, and them asking you to fill out a CTR out of an abundance of caution (like the fact that you’ve never made a cash withdrawal of that size before). Don’t feel like filling out extra forms to get access to your own money? In a hurry and don’t have time? Decline the CTR and say you’ll deal with it another time? It’s now a criminal offense for the bank to not file a SAR based on your refusal to complete the requested CTR.
shrubble 6y ago
https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-reports/index-suspicious-activity-reports.html https://www.occ.treas.gov/topics/supervision-and-examination... Quoted from above page on SAR reports: Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as: -Keep records of cash purchases of negotiable instruments, -File reports of cash transactions exceeding $10,000 (daily aggregate amount), and -Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion).

deleted 6y ago

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