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No, 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 re
by mabbo 6y ago
No, 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.