FlyerTalk Forums - View Single Post - Chase Closed My Sapphire Account & Took the UR Points...HELP!
Old Jan 17, 2013, 6:07 am
  #25  
SCEflyer
 
Join Date: Apr 2004
Posts: 1,614
Originally Posted by Often1
+1 - Banks are much more risk conscious than in the past. Completing and filing SAR's is expensive and banks get examined by their regulators for compliance and pay huge fines when they screw up.

Simply put, OP's business pattern raises money laundering & check kiting red flags and that's a risk no bank wants to take any more.

Bigger issue for OP going forward is that if SAR's were filed, other banks are going to be much less willing to do any business: checking, CC, mortgage with him.
No one, including the OP will know if an SAR has been filed unless the US attorney who has jurisdiction decides to open an investigation. Even at that point it would probably remain confidential until a decision is made whether or not to pursue the matter.
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