Well put. As great is the current financial system, seeing legitimate people and companies left on the sidelines for basically no reason aside factored in cost

Well put. As great is the current financial system, seeing legitimate people and companies left on the sidelines for basically no reason aside factored in cost of applying the current regulation efficiently is quite maddening. Also well summarized by patio11 with [1]: > The actual probative value of SARs varies wildly; at the top of the spectrum, they can include sufficient investigatory work and documentation, produced by the analyst at the financial institution, to lead to convictions for e.g. human trafficking. > Across the financial industry, that SAR is wildly outnumbered by “Mohammed tried to do something, we didn’t let him, and when we told him that he became agitated.” > An example from here in Japan: an immigrant attempted to wire the equivalent of $600 to his cousin in Africa. He was asked the purpose of the wire and said it was for a tuition payment. Bank staff asked for supporting documentation like e.g. a tuition statement or student ID card for the cousin. The customer refused to provide that documentation. The bank refused the wire. The customer accused the bank staff of racially profiling him and raised his voice. > I was not a party to that transaction and, for clarity, it did not involve any employer or business partner of mine. I winced when reading a news report about it, because this is practically ripped from Compliance training. The customer is absolutely right and they are very likely getting a SAR filed on them. [1] https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/ https://www.bitsaboutmoney.com/archive/money-laundering-and-...