3 ms·
The manual says that customer should not be informed for the reasons of reporting. But it doesn't say the banks should close the accounts.
by elzbardico 3y ago
The manual says that customer should not be informed for the reasons of reporting. But it doesn't say the banks should close the accounts.
- raincom 3y agoSince the first SAR is filled with “transaction with no apparent economic, business or lawful purpose”, subsequent transactions from the same account would become "transactions with no apparent economic, business or lawful purpose". So, Banks are on the hook to file subsequent SARs. Banks exit customers after a couple of SARs in the name of de-risking. One way to avoid getting out of this trap is to join the club of "private banking" services provided by big banks. It is like Airline's first class vs. economy class customers. Banks put different resources for private banking clients such as: (a) manual override by humans (b) reduce false positives by algorithms by tweaking parameters (c) specialized representatives, cust service folks.