Alpo Posted January 11, 2020 Share Posted January 11, 2020 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? Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted January 11, 2020 Share Posted January 11, 2020 I thought that was for cash has since been changed to 5K. Link to comment Share on other sites More sharing options...
Alpo Posted January 11, 2020 Author Share Posted January 11, 2020 It appears to still be ten. https://en.m.wikipedia.org/wiki/Currency_transaction_report Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted January 11, 2020 Share Posted January 11, 2020 Other sources sources say 5 but cannot be shared so I’m not positive myself. Link to comment Share on other sites More sharing options...
Big Sage, SASS #49891 Life Posted January 11, 2020 Share Posted January 11, 2020 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. Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted January 11, 2020 Share Posted January 11, 2020 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. Link to comment Share on other sites More sharing options...
bgavin Posted January 11, 2020 Share Posted January 11, 2020 This also holds true if you sell gold, etc. Split the transactions so none are $10k or more. Link to comment Share on other sites More sharing options...
Charlie Plasters, SASS#60943 Posted January 11, 2020 Share Posted January 11, 2020 I was told by my banker that they also monitor transactions that appear to be split up to avoid reporting. Link to comment Share on other sites More sharing options...
Dantankerous Posted January 11, 2020 Share Posted January 11, 2020 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. Link to comment Share on other sites More sharing options...
Pat Riot Posted January 11, 2020 Share Posted January 11, 2020 You won’t have a problem or have to fill out paperwork if you insist on or use Cashier’s Checks. Link to comment Share on other sites More sharing options...
Dantankerous Posted January 11, 2020 Share Posted January 11, 2020 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. Link to comment Share on other sites More sharing options...
sassnetguy50 Posted January 11, 2020 Share Posted January 11, 2020 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. Link to comment Share on other sites More sharing options...
Allie Mo, SASS No. 25217 Posted January 11, 2020 Share Posted January 11, 2020 I wouldn't bet on Wikipedia's accuracy. In this case I would Duck or Google Federal and State Laws regarding monetary transactions. Link to comment Share on other sites More sharing options...
Michigan Slim Posted January 11, 2020 Share Posted January 11, 2020 $10000.00. One penny over and a report is filed. ANY suspicious activity can be reported, however. Link to comment Share on other sites More sharing options...
Cheyenne Ranger, 48747L Posted January 11, 2020 Share Posted January 11, 2020 wish I had this problem to deal with Link to comment Share on other sites More sharing options...
Cypress Sun Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Forty Rod SASS 3935 Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Charlie MacNeil, SASS #48580 Posted January 12, 2020 Share Posted January 12, 2020 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... Link to comment Share on other sites More sharing options...
JD Lud Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Still hand Bill Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Dantankerous Posted January 12, 2020 Share Posted January 12, 2020 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. Link to comment Share on other sites More sharing options...
Ramblin Gambler Posted January 13, 2020 Share Posted January 13, 2020 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". Link to comment Share on other sites More sharing options...
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