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SARS get generated all the time. Any large movement of cash will generate a SARs. That multi million dollar wire from an escrow account after your startup had
by adrr 6y ago
SARS get generated all the time. Any large movement of cash will generate a SARs. That multi million dollar wire from an escrow account after your startup had liquidity event generated a SARs. What do you think the false positive rate of a SARS report it? 99%? 1 out of 100 SARS reports are actual criminal activity.
- ceejayoz 6y ago> Any large movement of cash will generate a SARs. No. It will generate a CTR. It may generate a SAR.
- adrr 6y agoI should clarify, any large transfer to an individual that hasn’t demonstrated access to large amount of capital will generate a SARS. If your not a private client at your bank and you get a $10mm wire will more than likely will generate a SARS and lots of phone calls from the compliance dept at the bank. That like the text book definition of a suspicious transaction. Low balance accounts getting large transfers.