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Has Achieved Nirvana![]() |
https://www.theguardian.com/us...s-financial-activity The BuzzFeedNews article: https://www.buzzfeednews.com/a...tworks?ref=bfnsplash And the ICIJ article: https://www.icij.org/investiga...nals-and-terrorists/
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Minor Deity![]() |
There’s a lot of misinformation in this quote, but the part I highlighted above is just flat out untrue. Banks filed millions of SARs every year on any transaction that meets the thousands of ever-changing rules of transactions that must be reported to fincen. It does NOT mean the bank believes there is criminal activity. The rules of the SAR reporting are not made public for obvious reasons, but I was quite familiar with them up to a couple years ago. I can guarantee you that members of this forum have had an SAR filed on them. | |||
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Minor Deity![]() |
Doug, just curiosity on my part ... as a matter of implementation, do financial institutions just automate the the identification and reporting of SAR-worthy transactions (e.g., just program the "rules" into their computer systems and have the computer systems automatically spot and report to FinCEN) or do some humans have to sign off on every SAR? Assuming a high degree of automation, how much time do financial institutions typically get to implement any change of "rules" that trigger SARs?
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Has Achieved Nirvana![]() |
I'd like to learn more about this....and have the same questions that Ax does....
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