That's incorrect. You're confusing SARs with CTRs, which are reports of cash transactions. SARs are for the most part at the discretion of bank compliance officers, although there are a few "automatic" ones.
SARs are required any time someone is asked to fill out a CTR (which they can be, by the bank, optionally, for any amount) and declines to do so.
Imagine going to your bank and trying to withdraw $3000 or $5000 in cash, and them asking you to fill out a CTR out of an abundance of caution (like the fact that you’ve never made a cash withdrawal of that size before).
Don’t feel like filling out extra forms to get access to your own money? In a hurry and don’t have time? Decline the CTR and say you’ll deal with it another time?
It’s now a criminal offense for the bank to not file a SAR based on your refusal to complete the requested CTR.
Under the Bank Secrecy Act (BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as:
-Keep records of cash purchases of negotiable instruments,
-File reports of cash transactions exceeding $10,000 (daily aggregate amount), and
-Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion).
Imagine going to your bank and trying to withdraw $3000 or $5000 in cash, and them asking you to fill out a CTR out of an abundance of caution (like the fact that you’ve never made a cash withdrawal of that size before).
Don’t feel like filling out extra forms to get access to your own money? In a hurry and don’t have time? Decline the CTR and say you’ll deal with it another time?
It’s now a criminal offense for the bank to not file a SAR based on your refusal to complete the requested CTR.