Letter: Understanding Bank Transaction Reporting in the U.S.
Dear SurvivalBlog Readers: I have noticed over the last few weeks a couple of articles discussing banking and transaction reporting etc. I would recommend (if one is having trouble sleeping at night) that everyone who is interested read the audit manuals for the Bank Secrecy Act (BSA), which includes currency transaction reporting (CTR), suspicious activity reporting (SAR), and monetary instrument logs (MIL). Bank’s are required by law to perform these on all customers based on activity and the bank’s teller system analysis. Most people know about CTRs – deposit or withdraw more than $10,000 in cash – but they do …