Originally Posted by
member7777
Well, let's think about that.
"I asked the money laundering drug cartel person about the money orders and he gave me a valid reason so I did not file a SARS."
"You are fired."
OR
"I asked the money laundering drug cartel person about the money orders and he gave me a valid reason so I did file a SARS to cover my ... and make sure the bank didn't get fined. Then compliance saw the activity and cancelled the checking account with no explanation"
"You are promoted"
I think the reality is if you own a business or have more at risk than checking acct/credit card closure you must not participate.
First off, SARS stands for severe acute respiratory syndrome. SAR stands for
Suspicious Activity Report. If you have filed multiple ones they are referred to as SARs.
Front line employees almost never file SARs. They submit a ticket, coupon, voucher, etc to a back office BSA/AML specialist or team who reviews and makes the final decision. They then e-file the SAR with FinCEN.
Account shutdowns occur as a result of BSA/AML concerns but they also happen for other reasons such as fraud risk and profitability. For example, counterfeit MOs can be significant issue and the bank is often left with the loss at the end of the day.