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This is how the Wall Street Journal explained it:
The U.S. Justice Department’s criminal head said banks may need to go beyond filing suspicious activity reports when they encounter a risky customer.
“The vast majority of financial institutions file suspicious activity reports when they suspect that an account is connected to nefarious activity,” said assistant attorney general Leslie Caldwell in a Monday speech, according to prepared remarks. “But, in appropriate cases, we encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem.”
Federal regulations in the Land of the Free REQUIRE banks to file ‘suspicious activity reports’ or SARs on their customers. And it’s not optional.
Banks have minimum quotas of SARs they need to fill out and submit to the federal government.
If they don’t file enough SARs, they can be fined. They can lose their banking charter. And yes, bank executives and directors can even be imprisoned for noncompliance.
But now the Justice Department is saying that SARs aren’t enough.
Now, whenever banks suspect something ‘suspicious’ is going on, they want them to pick up the phone and call the cops:
“[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps.”
originally posted by: MALBOSIA
I do not care about the cops so much as how much of a pain it is. My experience here is anything above 4-5k, regardless of illegal activity. They will try and tell you to call ahead so they can order it. When I was cashing my cheques years ago, they would not cash 7000 on the spot. But if I brought them 2 × 3,500 cheques, they would do them back to back at the same till, so it is just a BS policy. What this is, is cutting cash purchases out of the loop so that EVERY transaction is recorded.
I'm back on debit's d!€k now because it was just too inconvenient to only use cash.
originally posted by: Anyafaj
originally posted by: skunkape23
Let's say I'm a bajillionaire.
I want to buy a new Bugatti...cash.
Is this going to be a problem?
Give me a couple of weeks and a few Loomis Security Trucks to pull that together for you, cops should be here when you arrive.