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https://en.wikipedia.org/wiki/Bank_Secrecy_Act https://en.wikipedia.org/wiki/Bank_Secrecy_Act "A financial institution is not allowed to inform a business or c
by tadfisher 2y ago
https://en.wikipedia.org/wiki/Bank_Secrecy_Act https://en.wikipedia.org/wiki/Bank_Secrecy_Act
"A financial institution is not allowed to inform a business or consumer that a SAR is being filed, and all the reports mandated by the BSA are exempt from disclosure under the Freedom of Information Act."
(not speaking on behalf of my employer)
- throwaway2037 2y agoNote: SAR = Suspicious Activity Reports Roughly, if you deposit more than 10K USD in cash, they will need to file this form with the OCC. And, a bunch of other activities qualify. There is no guarantee that this will result in account closure, not does it directly indicate illegal activity. This seems to be a myth online. In the industry, the SAR is regarded as a "get of jail free card" for poorly staffed compliance departments. "When in doubt, file a SAR!", then the bank cannot be so easily sanctioned for allowing illicit activities.