Comment by miohtama
1 year ago
It's not government taking it away. It's a bank taking it away because they do not want to spend time and money to resolve the situation. The legal risk is high where as there is very little upside for retaining the customer relationship.
So what would happen if were in that situation and then went to another bank?
FINCEN (and others who have search access to it, which rounds to most Federal Government criminal investigators) can see all SARs filed. Banks (and other financial institutions obligated to file a SAR- like casinos!) don't get to see what any other institution has filed. The point of a SAR is to provide a data point for an investigator, not to create a black-list of unbankable people.
Banks can only share sars in very limited circumstances. If you went to another bank they, in almost every case, would not know that your previous bank filed a sar.
The bank will however ask why you are switching to them and telling “my account was closed without explanation“ will make them think twice
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