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Old 09-17-2019
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Default Paypal and SAR(suspious activity report)

Been reading around the internet about banks(and other financial institutes) needing to files a SAR to the NCA when they suspect something. Does paypal do this? Surely they would run out of ink (so to speak) by the amount of accounts they suspend?

If SAR are submitted by paypal, on a stealth account, why is the money returned after 6 months? Surely the NCA can work out this person doesn't exist? So why doesn't it get confiscated?

Anyone have information on paypal and their SAR policy's?

"Covering the period from October 2014 to September 2015, the report indicates that the total number of SARs submitted was 381,882"
I'm led to believe they are increasing by around 10% of submissions per year currently so it seems the financial institutes are getting ever more twitchy.


I imagine the NCA don't have time to investigate 1000, but what is the point in so many of these submissions as its massively disruptive to legitimate people and the financial institutes themselves. From what I read of all those submissions just 6 have led to a conviction in 1 given year (forget what year it was)

NCA feel free to fill us in if you please

Last edited by paulfoltyn; 09-17-2019 at 02:41 PM.
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Old 09-17-2019
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Default Re: Paypal and SAR(suspious activity report)

Paypal is not a bank,it keeps our money in various banks in its name.
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Old 09-18-2019
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Default Re: Paypal and SAR(suspious activity report)

Quote:
Originally Posted by agent006140 View Post
Paypal is not a bank,it keeps our money in various banks in its name.
Paypal is a bank in Europe and regardless its a financial institute so it has regulations to follow. Even accountants as supposed to file SAR is they suspect something
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Old 09-18-2019
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Default Re: Paypal and SAR(suspious activity report)

in UK, they are registered as a bank that's regulated by the government unlike in USA a private entity?
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Old 09-18-2019
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Default Re: Paypal and SAR(suspious activity report)

SAR's & CTR's are typically filed by Federally chartered financial institutions when certain conditions are met. However, that requirement does apply to money transmitters as well.

In the USA at least, PayPal doesn't have a charter, thus it is not a bank, according to the FDIC. PayPal does not physically handle or hold funds placed into the PayPal service, they instead act as an intermediary.
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