fincen.gov
department of us treasury....
it becomes an automatic flag on over 10k on a single transaction, some cases 2500.00 when from a foreign country.
Not allot they do, Homeland decides if it is money to fund terrorist activites (the reports are supplid by fincen)
The IRS does not do much, an american has to complain to the irs that they are jeolous that you won money. Very rare that they take them anonlymously, so watch out for your telatives that may not like you
It is best to consult with your accountant, it is not difficult to report the losses and winnings of betting offshore...
WU is monitered very tightly on the transactions....
neteller (who do you think watches the monopoly of Internet communications in costa rica, antigua, curacao etc) built originally by uncle sam in most cases
my 2 cents, call an accountant...h&R blocktoll free is a good place to ask all the stupid questions and then if you have to pay for the accountant you will know in more detail what to ask and how to save time and money
department of us treasury....
it becomes an automatic flag on over 10k on a single transaction, some cases 2500.00 when from a foreign country.
Not allot they do, Homeland decides if it is money to fund terrorist activites (the reports are supplid by fincen)
The IRS does not do much, an american has to complain to the irs that they are jeolous that you won money. Very rare that they take them anonlymously, so watch out for your telatives that may not like you
It is best to consult with your accountant, it is not difficult to report the losses and winnings of betting offshore...
WU is monitered very tightly on the transactions....
neteller (who do you think watches the monopoly of Internet communications in costa rica, antigua, curacao etc) built originally by uncle sam in most cases
my 2 cents, call an accountant...h&R blocktoll free is a good place to ask all the stupid questions and then if you have to pay for the accountant you will know in more detail what to ask and how to save time and money
Not just one at 10K: required reporting also for: more than 1 transactions at lower levels, which aggregated hit that figure-- or any single one just below that figure, especially when the number is rounded of instead of random-- say 8500 or 9000 instead of say 9238.67....
Plus... even worse, anything 2K & above that triggers suspicions. One of the guidelines is past/established pattern of activity: someone could be doing a slew of transactions, but that may be considered normal, so it wouldn't trigger any report, while conversely, you have an account sitting largely unused and/or with a min balance, then suddenly receive a couple of large wires / deposits(insert appropriate sinister tune here, LOL). Research/reference: http://www.msb.gov/guidance/msb_supact.html
http://www.fincen.gov/index.html http://www.fatf-gafi.org/Members_en.htm
REQUIRED, not suggested-- for any bank, casino, insurance, credit, securities, commodities, etc., etc. Note: the regs cover just about anything-- examples: jewelry, gift certificates, stored value cards, etc.
Then there are sharing & reporting agreements at that 10K level with most countries too... of note, Mexico's threshold happens to be higher: 20K.
Here are three countries that absolutely refuse to monitor, much less share info-- to the point of irking certain US agencies: Nauru, Ukraine, Burma(Myanmar).
Plus... even worse, anything 2K & above that triggers suspicions. One of the guidelines is past/established pattern of activity: someone could be doing a slew of transactions, but that may be considered normal, so it wouldn't trigger any report, while conversely, you have an account sitting largely unused and/or with a min balance, then suddenly receive a couple of large wires / deposits(insert appropriate sinister tune here, LOL). Research/reference: http://www.msb.gov/guidance/msb_supact.html
http://www.fincen.gov/index.html http://www.fatf-gafi.org/Members_en.htm
REQUIRED, not suggested-- for any bank, casino, insurance, credit, securities, commodities, etc., etc. Note: the regs cover just about anything-- examples: jewelry, gift certificates, stored value cards, etc.
Then there are sharing & reporting agreements at that 10K level with most countries too... of note, Mexico's threshold happens to be higher: 20K.
Here are three countries that absolutely refuse to monitor, much less share info-- to the point of irking certain US agencies: Nauru, Ukraine, Burma(Myanmar).
You have to be very carefull all the way around when depositing or withdrawing cash. The banks refer to several large transactions over a short period of time as being "structured". I was "looked" at by the US. govt. after withdrawing about 45k over a three week period. Most of the time you will not even know if a flag does go up. I only found out about it from my broker, who is also a very good friend.
correct. i work in the banking industry...here is the deal:marc said:
the only transactions reported are cash transactions of $10,000 or more. banks do not report wires, checks, ach's, etc...if they did they would have time for little else.
you have to be careful when depositing or withdrawing cash. gotta keep it under $10,000. also, don't get too cute and deposit $9,999 on monday and come in on tuesday and deposit another $9,999. the bank has the discretion to report activity which "appears suspicious".
what i would do if you have a lot of cash to deposit is get two or more banks and spread the cash around. also, i would b.s. with the teller and say something like "i just sold a car" or something. that way, they have no reason to think the money was gained illegally so they would not be suspicious.
the banks are just covering their ass due to the patriot act.
blue edwards said:
I'm not making assumptions. Read the BSA. Deposits are not limited to cash. I'm not saying that anyone here is going to get in trouble for doing any kind of financial transaction...but to say that cash is the only thing monitored is not at all accurate.
Cash is the main thing obviously but checks and wires can be monitored as well if they are inconsitant with someone's regular activity.
i can tell you that the tellers at the bank i work at are instructed only to report cash transactions. believe me when i tell you that to go thru the checks deposited to see which checks are over a certain dollar amount or come from "suspicious" sources would take so much time and man-power, it would not be feasible.
