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While agent activity can sometimes occur with legitimate transactions (e.g. a husband cashing out his wife's slot vouchers so she can continue to play), agent activity is highly suspicious because it allows individuals to structure their transactions below the $10,000 to avoid being documented to the IRS.
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity as required under laws designed to counter money laundering, financing of terrorism and other financial crimes.
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities. [2]
FIRST ON FOX: Federal law enforcement has been manipulating the Suspicious Activity Report (SAR) system to gain access to Americans’ financial information without warrants or probable cause, the ...
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In 2021, FinCEN received 1,137,451 Suspicious Activity Reports (SARs) from both traditional financial institutions and cryptocurrency trading entities. Within this total, there were reports of 7,914 suspicious cyber events and 284,989 potential money laundering activities. [23]
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Financial institutions are required to file suspicious activity reports (SARs) with FinCEN when they suspect their clients are engaging in financial crime. [3] These SARs are not evidence of a crime, but the FinCEN claims they provide vital information to investigate crimes. [1]