How It Affects American Citizens
CTRs include the individual's bank account number, name, address, and social security number. SAR reports, required when transactions indicate behavior designed to elude CTRs (or many other types of suspicious activities), include somewhat more detailed information and usually include investigation efforts on the part of the financial institution to assess the validity or nature of the transactions. A single CTR filed for a client's account is usually of no concern to the authorities, while multiple CTRs from varying institutions or a SAR suggest that activity may be suspicious. A financial institution is not allowed to inform a business or consumer that a SAR is being filed, and all the reports mandated by the BSA are exempt from disclosure under the Freedom of Information Act.
Businesses that deal primarily in cash, such as bars and restaurants, can be exempted from having their deposits and withdrawals reported on CTRs, although this exemption is rarely granted. Instead, most banks have computer systems which retain information on CTRs and allow duplicate CTRs to be created seamlessly.
Read more about this topic: Bank Secrecy Act
Famous quotes containing the words affects, american and/or citizens:
“When I think of him, and his six sons, and his son-in-law, not to enumerate the others, enlisted for this fight, proceeding coolly, reverently, humanely to work, for months if not years, sleeping and waking upon it, summering and wintering the thought, without expecting any reward but a good conscience, while almost all America stood ranked on the other side,—I say again that it affects me as a sublime spectacle.”
—Henry David Thoreau (1817–1862)
“There is nothing the matter with Americans except their ideals. The real American is all right; it is the ideal American who is all wrong.”
—Gilbert Keith Chesterton (1874–1936)
“The two great points of difference between a democracy and a republic are: first, the delegation of the government, in the latter, to a small number of citizens elected by the rest; secondly, the greater number of citizens and greater sphere of country over which the latter may be extended.”
—James Madison (1751–1836)