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> Safe deposit boxes are still subject to AML regulations. Can you provide a reference showing that AML regulations would require a bank to snoop in the conten
by GeekyBear 4y ago
> Safe deposit boxes are still subject to AML regulations.
Can you provide a reference showing that AML regulations would require a bank to snoop in the contents of a safety deposit box? I've never heard of such.
In comparison it's easy to find references to banks being required to report cash transactions over $10,000.
- throwaway09223 4y agoThey do not specifically require a bank to snoop in the contents of a safety deposit box. What I believe they require is that the bank snoop on the customer in general as part of KYC. My understanding is that because of this, banks typically only offer a deposit box for established customers with a meaningful transaction history with the bank.