> If the bank has filed a SAR, it isn’t legally allowed to tell you, and the federal government prosecutes only a small fraction of the people whom the banks document in their SARs.
Sounds worryingly similar to an effective violation of habeas corpus ?
P.S.: To make the matters worse, it looks that trying to rely more on cash as an insurance against getting debanked, raises your risk of getting debanked !
that's not totalitarianism. it's a shitty system with a ridiculously bad trade off (catching some money launderers versus fucking innocent customers)
the problem is that banks can't handle this requirement well. if they think something is suspicious, sure file the SAR/CTR, and then if they think there's a need for KYC, tell the customer that. the customer provides information about the transaction, the bank then can chill the fuck out. if this keeps going on they can eventually tell the customer that okay, it's too much work for them, please close the account in 1 month.
but no, they immediately switch into this crusader mode, because it's just easier for them, and customers have no recourse.
> If the bank has filed a SAR, it isn’t legally allowed to tell you, and the federal government prosecutes only a small fraction of the people whom the banks document in their SARs.
Sounds worryingly similar to an effective violation of habeas corpus ?
P.S.: To make the matters worse, it looks that trying to rely more on cash as an insurance against getting debanked, raises your risk of getting debanked !