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Suspicious Activity Reports

All articles tagged with #suspicious activity reports

finance2 years ago•14 min saved

The Mystery Behind Banks' Sudden Account Closures

Banks are increasingly closing customer accounts without providing clear explanations, leaving individuals, families, and small-business owners in a state of confusion and financial distress. The closures, known as "exiting" or "de-risking," are part of a broader effort by banks to crack down on fraud, terrorism, money laundering, and other crimes. Red flags, such as unusual transactions, trigger algorithmically generated alerts that are reviewed by human employees. While banks file suspicious activity reports (SARs) to comply with regulations, they rarely disclose how often they close accounts or how often they get it wrong. Customers are left with damaged credit scores, difficulty paying bills, and uncertainty about future banking relationships.

via Yahoo! Voices|

#account-closures #banks #customer-relations

politics2 years ago•5 min saved

GOP probes alleged foreign payments to Biden family in new bank records report.

House Republicans are using recently obtained financial records, including more than 150 suspicious activity reports, to investigate President Joe Biden's family and their finances. The reports, called SARs, are often routine and not evidence of misconduct on their own. Republicans believe the records could potentially show an effort by the president and his family to trade off his name. The investigation is widening to include the entire Biden family, and up until now, Republicans have not publicly revealed evidence to substantiate their claims of wrongdoing. The White House has dismissed the investigation as a political stunt.

via The Associated Press|

#biden-family #financial-records #gop

finance2 years ago•12 min saved

The Sudden Closure of Bank Accounts: What's Behind It?

Banks are closing customer accounts with little explanation due to increasing attention to suspicious-seeming transactions. Financial institutions are obligated to alert regulators and law enforcement through a Suspicious Activity Report if there’s irregular behavior that they cannot easily explain. Banks can close a customer’s account for any reason, at any time, and it’s usually because they’re trying to protect the institution (or the customer) from a potential fraud. Sudden account closures are intensely disruptive, and people subject to them seem to be saying so more often.

via The New York Times|

#account-closures #banks #customer-service

finance2 years ago•12 min saved

Banks Close Accounts Without Clear Reasoning.

Banks are closing customer accounts without warning due to suspicious activity, which is often unclear to the customer. Financial institutions are obligated to alert regulators and law enforcement through a Suspicious Activity Report if there’s irregular behavior that they cannot easily explain. However, most of the time, the customers are probably innocent. Sudden account closures are intensely disruptive, and people subject to them seem to be saying so more often.

via Yahoo News|

#account-closures #banks #customer-service