and you thought reporting was only above $10,000

Discussion in 'Wall St. News' started by Wallace, Nov 17, 2009.

  1. 'Banking probes may violate privacy, watchdog warns'
    "Canada’s financial institutions sometimes report suspicious transactions to a government
    agency based on little more than a person’s ethnic background, leading to potential rights
    violations, the country’s privacy commissioner said"
    a bank’s suspicious transaction report after a person cashed a government cheque for less
    than $300, and another reported about a person who deposited a cheque for less than $10K
    because of the person’s ethnic background and a recent vacation to a “particular country”. "
    Canadian law requires financial institutions to report transactions or fund transfers of $10K
    or more, or “suspicious transactions related to money laundering or terrorist financing”
    regardless of their size, according to the report."
    FINTRAC - Financial Transactions and Reports Analysis Centre of Canada

    what's the US and UK fintrac equivalent ?