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So it’s effectively a jail sentence, and that’s fine for people who break social rules, but we have built up a whole justice system for applying them. When gove
by liontwist 2y ago
So it’s effectively a jail sentence, and that’s fine for people who break social rules, but we have built up a whole justice system for applying them. When government pretends taking away your bank is anything less serious, they just want to sidestep due process.
- miohtama 2y agoIt's not government taking it away. It's a bank taking it away because they do not want to spend time and money to resolve the situation. The legal risk is high where as there is very little upside for retaining the customer relationship.
- liontwist 2y agoSo what would happen if were in that situation and then went to another bank?
- kasey_junk 2y agoBanks can only share sars in very limited circumstances. If you went to another bank they, in almost every case, would not know that your previous bank filed a sar.
- Muromec 2y agoThe bank will however ask why you are switching to them and telling “my account was closed without explanation“ will make them think twice
- kasey_junk 2y agoWe don’t need to invent a mechanism for banks to share bad customer data between each other. There is a whole ecosystem like credit bureaus for bank accounts. But sars being secret has nothing to do with that.
- mandevil 2y agoFINCEN (and others who have search access to it, which rounds to most Federal Government criminal investigators) can see all SARs filed. Banks (and other financial institutions obligated to file a SAR- like casinos!) don't get to see what any other institution has filed. The point of a SAR is to provide a data point for an investigator, not to create a black-list of unbankable people.