Why is this and is it true? How much can you take out and how often of your own money without the Govt. getting involved. If the bank has a record why alert the Govt..seems like an invasion of privacy. I just wanted to take out a couple thousand for a trip...
2006-11-30 07:51:46 · 7 answers · asked by lizr 2 in Business & Finance ➔ Personal Finance
The Patriot & Anti Money Laundering Regs require anyone, even clerks to notify the government if they think anything is odd. Anybody's opinion or fear of not reporting can trigger a report. It is a worry but I don't think you do anything-it doesn't matter what amount anymore.
By the way, the clerk or bank is also required to keep the reporting a secret from you.
This from http://www.occ.treas.gov/handbook/bsa.pdf: :
Suspicious Activity Reporting Requirements
An effective BSA compliance program includes controls and measures to identify and timely report suspicious transactions. A financial institution must apply due diligence to be able to make an informed decision about the suspicious nature of a particular transaction and whether to file a suspicious activity report (SAR). SARs can be filed on any transaction occurring in any
bank department.
I hold a securities license and have taken the Anti Money Laundering tests. Believe me, it's true. Have your bank or security firms rules changed? Everyone scrambled to comply. Banking firms had systems already set up to catch the $10,000 rule-they've just recoded a bit...
2006-11-30 07:58:58 · answer #1 · answered by Middleclassandnotquiet 6 · 1⤊ 1⤋
I though that it was $1000 or above, but I think most of it is banks having to keep track and reporting stuff to the feds when suspicious activities take place. Although I do keep hearing about the feds being notified of transactions over a thousand, maybe not really tracking it per se, but just being told about it.
May be a hold over from a time when a thousand actually meant something.
2006-11-30 16:03:23 · answer #2 · answered by joannaserah 6 · 0⤊ 1⤋
For several reasons including terrorists and money laundering the IRS is notified of anyone making a cash withdrawal out or in their accounts of over 10,000.01 in one business day. This is for our protection and even though it seems like an invasion of privacy I think this is a good thing. It allows them to monitor the bad people and that outweighs the annoyance in my opinion. Also if you purchase a monetary instrument such as a cashiers check or money order with 2500.00 in cash this is also reported and kept track of to monitor patterns of possible illegal activity.
2006-11-30 16:04:16 · answer #3 · answered by griggser 2 · 2⤊ 1⤋
Ask your bank - but NO this is not true.
The Feds are notified when you move $10,000 or more across international boundaries, e.g. taking money from your New York City bank account and depositing it in your London bank account.
$1200 isn't worth their time. I paid for a clutch that cost me more than that recently, and I wrote a check. What about parents who pay for college each semester for their kid? Think about it.
2006-11-30 15:55:47 · answer #4 · answered by Anonymous · 0⤊ 1⤋
By law, if you deposits or transfer $10,000.01 or more you have to fill a form call Currency Transacction Report- CTR). This is part of the Anti Money Laudering law. Also if you transfer more that 5,000 dollars abroad there is anothe form call Suspicious Activity Report -SAR).
2006-11-30 16:11:57 · answer #5 · answered by Carles A 2 · 1⤊ 1⤋
Completly untrue...only if you receive more than $10,000 in cash.
2006-11-30 16:21:36 · answer #6 · answered by Anonymous · 1⤊ 1⤋
no...
10,000 cash amounts are to be reported.
2006-11-30 16:05:54 · answer #7 · answered by cork 7 · 1⤊ 1⤋