and if so at what amount are their required to report? or can a person have like 300,000.00 wired into their checking account and keep their complete privacy?
2006-12-19 14:20:26 · 11 answers · asked by ? 1 in Business & Finance ➔ Personal Finance
Amounts of $10,000.00 or more are reported.
2006-12-19 14:27:19 · answer #1 · answered by Country girl 7 · 0⤊ 0⤋
Post 09/11 banks were required to have better compliance measures in place due to money laundering. The anti-money laundering part of the US PATRIOT ACT has more stringent guidelines that must be followed. If a financial institution fails to uphold the higher measures they can be found liable - and punishable by higher fines and criminal indictment. Amounts just under 10K have to be reported under these new guidelines. The bank I work for requires every employee to take a compliance on line based test annually with a required grade of pass to ensure understanding of the Patriot Act and procedures to comply. One of the larger banks in the SE actually was involved with money laundering for the terrorist of 09/11. This perhaps initiated greater need for more stringent guidelines. So ... your wire will or should pursuant to this new guideline be reported.
See link provided for a detailed report of the new enhanced requirements.
2006-12-19 15:55:19 · answer #2 · answered by Kirk S 2 · 0⤊ 0⤋
Not in the U.S. My bank, and others I've been have a sign posted at all the teller windows that states the bank notifies the IRS of any deposits of $10,000.00 or greater. That's why you occasionally read or hear of people who want to move large amounts of money around making multiple deposits of $9,999.00. The bank won't notify the IRS because the $10,000.00 threshold wasn't breached.
2006-12-19 14:33:43 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Yes, and you cannot wire over $10,000 out without the bank alerting IRS
2006-12-19 14:22:42 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Banks are not required to alert the IRS unless the deposit is over 26,000. But many banks with stiff wad bankers will report you on suspicion! And what banks don't have stiffs working for them....?
2006-12-19 14:25:10 · answer #5 · answered by dfgrace22 4 · 1⤊ 1⤋
The limit is $10,000, but I got some money wired to me in two transactions each were for $9,950.00.
2006-12-20 04:16:46 · answer #6 · answered by Isabella789 4 · 0⤊ 0⤋
it's called money laundering and it's illegal, you'll end up with the FEDS at your door just like Jeffrey Skilling.
2006-12-19 14:34:31 · answer #7 · answered by demlimbas 2 · 1⤊ 0⤋
oh yes and i'm not sure of the amount but i'm sure it's less than what others are telling you......these days it's probably lower than what we think......luckily i don't have that problem lol
2006-12-19 14:28:53 · answer #8 · answered by bella36 5 · 0⤊ 0⤋
If you give me the 300,000 into my checking account, I'll let you know if they contact me.
2006-12-19 14:22:37 · answer #9 · answered by ANSWER MY QUESTION!! 6 · 0⤊ 1⤋
Please do not respond to those Nigerian scammers! Do not send them money!
Please do a web search on this and you'll see what I mean.
Take care.
2006-12-19 15:09:43 · answer #10 · answered by kcincon 3 · 0⤊ 0⤋