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So anyone who's ever bought a house in the US or Canada has had an SAR about them?
by ericd 6y ago
So anyone who's ever bought a house in the US or Canada has had an SAR about them?
- ceejayoz 6y agoIf you did it with a suitcase full of cash, probably.
- mabbo 6y agoNo, this is applicable to all transactions the bank knows about. If money enters or leaves a bank account in a quantity greater than $10k within 24 hours, a report is filed with every detail they know about you and about the transactions. This has been law for more than 20 years. And it's made money laundering really, really hard.
- ceejayoz 6y agoYou're mixing up different kinds of reports. CTRs (https://en.wikipedia.org/wiki/Currency_transaction_report https://en.wikipedia.org/wiki/Currency_transaction_report) are not SARs. You can have a large transaction that isn't deemed suspicious by your bank. You can have a tiny transaction that is deemed suspicious by your bank, too. CTR = "big transaction". SAR = "suspicious transaction". Often related; not identical.
- mabbo 6y agoYes, that is what I'm trying to say.
- ericd 6y agoWiring just feels so anticlimactic in comparison.
- mabbo 6y agoNo, not a SAR. A Large Transaction Report. A SAR is if it's suspicious. If you ever move $10,000 into our out of your bank account, a report is filed with your country's FinInt agency. Every time. It has whatever ID numbers you gave when you opened the bank account, everything else they know about you, and where the money moved from and to. In Canada (and maybe the US as well?), this also includes large cash transactions with currency converters, casinos, and jewelry stores- because people kept finding new tricks for moving around money. Edit: And this is why leaking these things is super serious! There's a lot of personal information in them!
- ericd 6y agoThanks for the summary!