Re:Combating Money Laundering, Terrorist Financing, and Coun...
by conductr on Thursday June 15, 2017 @01:14PM
(#14562302)
Partially true.
In the US, there is also this thing called Suspicious Activity Reports. They are triggered with any transaction >$3,000 (typically cash-equivalents; but that can be wide reaching). There are some requirements where banks must report but there is also the discretionary part. This is where banks can be held liable for not reporting suspicious activity. Because of that, it is safe to assume most banks report every transaction above $3,000 of any type.
But let's face it, most bank databases probably have something like this going on;
GRANT SELECT ON Transactions TO USGOVT
In the US, there is also this thing called Suspicious Activity Reports. They are triggered with any transaction >$3,000 (typically cash-equivalents; but that can be wide reaching). There are some requirements where banks must report but there is also the discretionary part. This is where banks can be held liable for not reporting suspicious activity. Because of that, it is safe to assume most banks report every transaction above $3,000 of any type.
But let's face it, most bank databases probably have something like this going on; GRANT SELECT ON Transactions TO USGOVT