Question about deposits
- Thread starter desertrat
- Start date
BadGirl
I am so very blessed
ProfMoneyWise
Member
Bank Secrecy Act
The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML.” Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR Chapter X [formerly 31 CFR Part 103] ).
The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”) or jointly as “BSA/AML.” Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR Chapter X [formerly 31 CFR Part 103] ).
threshold is $9,999
however, if you attempt to deposit close to $10,000 every day or everyother day, for a number of days in a row (structured deposits)-they will try to get you for "structuring financial transactions to evade reporting requirements"
New York man sentenced for structured deposits in Middletown, Cromwell and Durham
however, if you attempt to deposit close to $10,000 every day or everyother day, for a number of days in a row (structured deposits)-they will try to get you for "structuring financial transactions to evade reporting requirements"
New York man sentenced for structured deposits in Middletown, Cromwell and Durham
ProfMoneyWise
Member
What I have been able to find is the bank must keep records on anything over $10K (which one would think they keep on even less) but report currency deposits of $10K or more.
Currency Transaction Reports and Suspicious Activity Reports have to do with large sums of cash.
All very interesting. You've given me something new to research over the Holiday.
And I would love this problem.
Currency Transaction Reports and Suspicious Activity Reports have to do with large sums of cash.
All very interesting. You've given me something new to research over the Holiday.
And I would love this problem.
Larry Gude
Strung Out
You just exceeded it.
desertrat
0_0
Oops!
I forgot.Thanks all, one more. Since it is just inheritance, I doubt it would send off too many alarms would it? Still I don't want anyone in the group to get on one more list.
The limit is $10K cash, not just $10K and it isn't really that big of a deal. They really should up the amount at least by the inflation rate since 1970.
IF the money wasn't passed down in a will and claimed (ie- $10K+ cash in a mattress) and you deposit it, you may get some questions about it but even then I still doubt it. It will be reported but who they report it to doesn't seem to care since I've had quite a few (50+) substantial deposits and haven't ever been questioned.
IF the money wasn't passed down in a will and claimed (ie- $10K+ cash in a mattress) and you deposit it, you may get some questions about it but even then I still doubt it. It will be reported but who they report it to doesn't seem to care since I've had quite a few (50+) substantial deposits and haven't ever been questioned.
Graymatter
New Member
I've moved $10K from bank to bank for car down payments and $100-250K via life insurance payout to financial advisor and no one knocked on my door...yet.
Cash? If not, doesn't raise any flags. This rule is only for greenbacks.
Graymatter
New Member
Wow...for someone who is supposed to know about money and has a handle like yours...this is pretty basic stuff to be so thoroughly unaware of.
mamatutu
mama to two
You know, tj, you always offer criticism, but never offer links, or backup to your objections. From what I have seen since becoming a member, Prof is pretty Money Wise, and has offered a good amount of great advice. What is your deal, anyway? Just curious.
ProfMoneyWise
Member
You got me there. You pulled back the curtain and there I am.
BadGirl
I am so very blessed
No' they should do away with the law.. Now they make up laws to arrest you for because they think you MIGHT be breaking another law.. Arresting somebody for structured deposits? REALLY? Any evidence of any other criminal activity?
Quite the slippery slope' next thing you know they'll arrest you for having a gun because you MIGHT rob or kill somebody.... Oh wait...
BadGirl
I am so very blessed
Yeah because somebody that Knows INVESTMENTs should have more knowledge than a lawyer about banking laws?