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.
We don’t need to invent a mechanism for banks to share bad customer data between each other. There is a whole ecosystem like credit bureaus for bank accounts.
But sars being secret has nothing to do with that.
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
We don’t need to invent a mechanism for banks to share bad customer data between each other. There is a whole ecosystem like credit bureaus for bank accounts.
But sars being secret has nothing to do with that.