> Banks have to file a SAR for any group of transactions over $25,000
This is manifestly false. The $25k number is only for suspected violations of federal law in that amount or larger, not every time I buy a car or transfer $25k to my brokerage account.
Sure, I shouldn’t have said every $25K transaction.
But from your link: “Violations aggregating $25,000 or more regardless of a potential suspect. Whenever the bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $25,000 or more in funds or other assets, where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, even though there is no substantial basis for identifying a possible suspect or group of suspects.”
That’s such a hugely broad definition that it encompasses many innocent transactions. If a bank isn’t 100% sure about you or your business, a SAR covers their ass.
I once had a bank decline to allow me to make large cash withdrawals because I was a new customer. They had no evidence I was doing anything improper. It was my funds, that I frequently deposited directly as cash.
But mere “suspicion” is enough to restrict my rights, to protect the bank from regulators.
This is manifestly false. The $25k number is only for suspected violations of federal law in that amount or larger, not every time I buy a car or transfer $25k to my brokerage account.
Source: https://www.fincen.gov/sites/default/files/shared/FinCEN%20S...