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Pnc online banking revoked8/12/2023 ![]() If it is a legit concern, then the alert is sent to further investigation. That alert is then worked/researched by a human to determine if it is a false positive or a legit suspicious activity. Those applications will generate an alert. It all starts with applications that contain models for locating potential suspicious activity within accounts. There is a long process to determine if a SAR is needed at all (could take months of monitoring). However, there are not millions and millions of false negatives for suspicious activity reports. If Wells Fargo has a customer that they know has some suspicious activity, but they continue to to allow that customer to bank with them (continuing the activity), then the Fed is not going to be happy and the bank can be fined. Banks are required to "know your customer (KYC)". Considering there are millions and millions of false positives I would argue the cumulative disruption to average citizens lives is not worth the likely small additional number of cases that are closed as a result of the overaggressive policy.įiling a SAR is a lot of paper work, but that's not the issue. Doing this in response to any of a long laundry list of innocuous 'suspicious' actions causes all kinds of disruption and economic damages (losing access to liquidity for long periods of time can result in missed bill payments, missed sales, huge numbers of wasted hours dealing with the aftermath). If the latter, in effect the government is using an unreasonable threat (prosecuting the bank) to indirectly lock people out of accessing the banking system. Is the risk you're speaking of that filing a suspicious activity report simply a pain in the ass for the bank to do in terms of requiring lots of paperwork, or in the bank actual liable for their customer's illegal activity? It all depends on the bank's appetite for risk. If the bank has a policy that says they will close an account once a person hits 10 SAR, then they wouldn't close the account until that point. If you bank says they want to close an account after 3 SAR, then it gets closed once you hit 3 SAR. The account closure is all based on the banks policy. Just because you have suspicious activity in your account(s) doesn't mean you are guilty of a crime. If someone if attempting to wire money to terrorists (or anyone on the OFAC sanctioned list), should those funds be seized or should the money be returned and the person be given due process? If the money is returned, they are going to find another way to get the funds towards that illegal activity.Īlso, a simple filing of a SAR would not get your funds seized. They are seizing everything in the house. Just like if you were selling drugs out of your house and the SWAT team shows up. Funds are not seized until a government agency opens their own investigation and determines that the law was broken. ![]() ![]() If the person were warned of this before the full on investigation is completed by FinCEN, it would tip them off and kill the investigation.Īlso, a simple filing of a SAR would not get your funds seized. Many times these transactions that alert to suspicious activity are a small piece to a larger issue (drug trafficking ring, human trafficking ring, large scale money launder operations, etc.). Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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