Reporting banking transactions

[Alpo]

Interesting question came up in a Tom Clancy novel.

 

Here in the States, if you move $10,000 or more in or out of the bank in one day it has to be reported.

 

Do they have similar laws in other countries?

 

I know we have Canadians and Aussies here. Maybe there are other nationalities lurking. Are there similar laws in your country?

[Marshal Mo Hare, SASS #45984]

I thought that was for cash has since been changed to 5K.

[Alpo]

It appears to still be ten.

 

 

https://en.m.wikipedia.org/wiki/Currency_transaction_report

[Marshal Mo Hare, SASS #45984]

Other sources sources say 5 but cannot be shared so I’m not positive myself.

[Big Sage, SASS #49891 Life]

I sold my pontoon boat last fall and I was paid in cash ($15,000). I deposited it ALL in my bank. What a pile of paperwork I had to fill out! My banker told me I could have avoided all the BS if I would have split the deposit in half and did it at different times. So it appears that 10K is the threshold.

[Rye Miles #13621]

8 minutes ago, Big Sage, SASS #49891 Life said:

I sold my pontoon boat last fall and I was paid in cash ($15,000). I deposited it ALL in my bank. What a pile of paperwork I had to fill out! My banker told me I could have avoided all the BS if I would have split the deposit in half and did it at different times. So it appears that 10K is the threshold.

A friend of mine did that with a car he sold. 2 deposits, totaling 11K in all.

[bgavin]

This also holds true if you sell gold, etc.
Split the transactions so none are $10k or more.

[Charlie Plasters, SASS#60943]

I was told by my banker that they also monitor transactions that appear to be split up to avoid reporting. 

[Dantankerous]

43 minutes ago, bgavin said:

This also holds true if you sell gold, etc.
Split the transactions so none are $10k or more.

Depending on the dollar amout recieved from the sales/profits of precious metals I believe this also eliminates the need for a tax form.

 

 

[Pat Riot]

You won’t have a problem or have to fill out paperwork if you insist on or use Cashier’s Checks. 

[Dantankerous]

22 minutes ago, Charlie Plasters, SASS#60943 said:

I was told by my banker that they also monitor transactions that appear to be split up to avoid reporting. 

 

If you come in 10 days in a row depositing say 4K each day, I might be able to see this.

 

If however a person sells a vehicle for 15K and makes 3 deposits of uneven amounts over a week, how is thier business subject to someone else's subjectivity?

 

Now, 100K in cash being deposited incrementally over say 30 days might be over the top. Lol.

 

 

[sassnetguy50]

As explained to me

 

There are two separate reports.  The IRS Is still $10k from the 70s.  

 

The SAR form is mandatory at $5,000 cash per 5 business day period or a lesser amount that is unusually/suspiciously high for that account.  The financial institution fills out this form without your knowledge, the deposit just seems like it is taking longer than normal.  They may ask for your id to “update our records”

After submitting the SAR form, the financial institution must maintain a copy for 5 years.  I think this form stemmed from the anti terrorism bills George W passed after 9/11.

[Allie Mo, SASS No. 25217]

I wouldn't bet on Wikipedia's accuracy. In this case I would Duck or Google Federal and State Laws regarding monetary transactions.

[Michigan Slim]

$10000.00. One penny over and a report is filed. ANY suspicious activity can be reported, however.

[Cheyenne Ranger, 48747L]

wish I had this problem to deal with

[Cypress Sun]

If I had to guess, you can thank the good old 80"s and cocaine dealers for this. Better yet, thank people like Tony Montana. As far as I know, it was to prevent money laundering because huge amounts of cash were being deposited and withdrawn by coke dealers. 

[Hardpan Curmudgeon SASS #8967]

1 hour ago, Cypress Sun said:

If I had to guess, you can thank the good old 80"s and cocaine dealers for this. Better yet, thank people like Tony Montana. As far as I know, it was to prevent money laundering because huge amounts of cash were being deposited and withdrawn by coke dealers. 

 

Also why pay phones could no longer receive calls.  If you broke down somewhere and made a call for help from a pay phone and left that phone's number you'd be waiting a looong time for a call back.  Before everyone had a cell phone.

[Forty Rod SASS 3935]

About 15 months ago I took some cash out of an investment and put it in my bank, nearly $20,000.00.  The next day I got a cashier's check for the full sale price to buy a brand new Impala (got a marvelous deal on it, too) and never even had an eyebrow raised.

[Charlie MacNeil, SASS #48580]

4 minutes ago, Forty Rod SASS 3935 said:

About 15 months ago I took some cash out of an investment and put it in my bank, nearly $20,000.00.  The next day I got a cashier's check for the full sale price to buy a brand new Impala (got a marvelous deal on it, too) and never even had an eyebrow raised.

Apparently you look more honest than most folks...

 

[JD Lud]

It’s correct above, was started based on the drug business.  They came up with western union to get around this.

 

Narcos on Netflix is a fantastic action movie/documentary that runs through a lot of interesting things.  Plus, you learn Spanish while watching.

[Still hand Bill]

The $10k limit was implemented in the 80’s to try and stop the drug trade.  Dealers used to walk into banks, car dealers etc with duffle bags full of cash.  No reporting required.  Now a bank reports it.   If you deposit more than $10k the paperwork explains where the cash originated.   If you use a check or some other form of payment, the paper trail already exists.  I have read that it did cause problems for the dealers and they went to more elaborate methods to get the $$ into the banking system.   

[Dantankerous]

18 hours ago, Allie Mo, SASS No. 25217 said:

I wouldn't bet on Wikipedia's accuracy. In this case I would Duck or Google Federal and State Laws regarding monetary transactions.

 

Use Duck.

 

Otherwise Google will flag your search and report your IP as an aspiring drug dealer researching ways to avoid whatever drug dealers are trying to avoid.

 

 

 

 

 

[Ramblin Gambler]

I had a few months where I was getting expense checks every week from my company for approximately $1k. I'd go to the bank every week and get cash. I figured out at some point they had started filling out SARs on me. I noticed because they started getting really nosy and I finally asked if they were doing a report. 

 

It was a company check from the same company that was direct depositing paychecks into my account twice a month and had been for a decade. The only thing that could have been suspicious was that I wanted cash. I mostly ignored them and repeated "large bills" as an answer to every question. One time I slipped and said it was for hookers and blow. That was a close call, I almost told her I was using the cash to buy guns. 

 

Then there was the time I withdrew $10k to buy a used car. I knew the report was coming but I still didn't cooperate. I think I even told her it was none of her business when she didn't accept my polite deflections. It was worth the trouble though to watch the salesman at the dealership not have the first clue about how to handle a cash buyer. He insisted I fill out a credit application. I slapped the envelope of money on the desk and said "I don't think you understand what the word cash means. Go get someone who does please".