Banks

[georgelupino]

To whom do banks in third world countries report their ATM transactions if someone is using a foreign crypto debit card? Egmont group or government finance office? Specifically lets say el salvador… do banks in el salvador report such transactions and if so but to whom?

 

[HideHost]

To whom do banks in third world countries report their ATM transactions if someone is using a foreign crypto debit card? Egmont group or government finance office? Specifically lets say el salvador… do banks in el salvador report such transactions and if so but to whom?

If we talk about standart ATM operations:
This is internal information and is not disclosed to third parties without good reason or legal obligation.
Tax issues and reporting concern only the country of tax residence and the cardholder. Everything else is unimportant and should be a bank secret.

 

[WAndreas]

Specifically lets say el salvador… do banks in el salvador report such transactions and if so but to whom?

Banks in El Salvador, as in other countries, are required to comply with both national and international financial security laws. In other words, as I understand it, a lot depends on the amount of transactions.

 

[georgelupino]

Banks in El Salvador, as in other countries, are required to comply with both national and international financial security laws. In other words, as I understand it, a lot depends on the amount of transactions.

Amount of transactions?

 

[WAndreas]

Amount of transactions?

It's usually $10,000 or more. But if transactions are carried out frequently and in smaller amounts in order to circumvent restrictions, the bank can file a Suspicious Activity Report (SAR) with the local financial intelligence unit (Unidad de Investigación Financiera — UIF).

 

[georgelupino]

It's usually $10,000 or more. But if transactions are carried out frequently and in smaller amounts in order to circumvent restrictions, the bank can file a Suspicious Activity Report (SAR) with the local financial intelligence unit (Unidad de Investigación Financiera — UIF).

And then what?

 

[moonshine7000]

ATM got withdrawl limits you can only withdraw in small amounts per day

 

[natsuko]

In places like El Salvador, banks typically report suspicious transactions to their government’s financial intelligence unit, which may then share data with international groups like the Egmont Group. But for regular foreign crypto debit card use, it’s probably more about local monitoring unless something triggers a red flag

 

[georgelupino]

In places like El Salvador, banks typically report suspicious transactions to their government’s financial intelligence unit, which may then share data with international groups like the Egmont Group. But for regular foreign crypto debit card use, it’s probably more about local monitoring unless something triggers a red flag

In places like El Salvador, banks typically report suspicious transactions to their government’s financial intelligence unit, which may then share data with international groups like the Egmont Group. But for regular foreign crypto debit card use, it’s probably more about local monitoring unless something triggers a red flag

But like what might trigger a red flag if someone isnt withdrawing but instead simply using their anonymous foreign crypto debit card to make purchases at mcdonalds, walmart, online shopping, gas, ect...?

 

[WAndreas]

But like what might trigger a red flag if someone isnt withdrawing but instead simply using their anonymous foreign crypto debit card to make purchases at mcdonalds, walmart, online shopping, gas, ect...?

In this case, you should not worry, I think. And this is not only in El Salvador, but also in any country. If you really pay with it only for small amounts.