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:
“Experiment is necessary in establishing an academy, but certain principles must apply to this business of art as to any other business which affects the artis tic sense of the community. Great art speaks a language which every intelligent person can understand. The people who call themselves modernists today speak a different language.”
—Robert Menzies (1894–1978)
“Anger becomes limiting, restricting. You can’t see through it. While anger is there, look at that, too. But after a while, you have to look at something else.”
—Thylias Moss, African American poet. As quoted in the Wall Street Journal (May 12, 1994)
“All the rights secured to the citizens under the Constitution are worth nothing, and a mere bubble, except guaranteed to them by an independent and virtuous Judiciary.”
—Andrew Jackson (1767–1845)