Banks

georgelupino said:

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?

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georgelupino said:

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

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WAndreas said:

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.

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georgelupino said:

Amount of transactions?

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WAndreas said:

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).

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natsuko said:

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

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natsuko said:

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

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georgelupino said:

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...?

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