Gambling Transactions and The Bank Secrecy Act

pokerman1 · #1 03-17-2006, 09:55 PM

I was wondering if anyone is familiar with the Bank Secrecy Act, where banks can report "suspicious" transactions to authorities for investigation. I was wondering if a person cashes out a winning of several thousand dollars from Neteller back to their bank account, would the bank suspect gambling and investigate? I'm not sure what they think is "suspicous".

DavidNB · #2 03-17-2006, 11:20 PM

Several thousand dollars is pocket change. Anyone with a decent income could be moving that small amount around. By
suspicous I would think the amount would be in the millions.

Jeffage · #3 03-18-2006, 01:29 AM

[ QUOTE ]
By
suspicous I would think the amount would be in the millions.

[/ QUOTE ]

Think again.

Jeff

Tappy Tibbons · #4 03-18-2006, 02:14 AM

Typically, it's used to report transactions that are just under the $10000 per day threshold (anything above 10k in a 24 hour periond must be reported). Several days of cash transactions of $9900 would probably trigger this (supposedly that's how Rush Limbaugh got caught buying Oxycontin).

Still, it's up to the bank as to what they want to report as suspicious. Anyone at a bank with a bug up their ass about gambling could file a Suspicious Activity Report on your account, and you'd never know.

Jeffage · #5 03-18-2006, 02:18 AM

Basically, if you pay your taxes on the gambling winnings, these reports aren't a concern. If you don't...look out. If you're being legit, reports are shouldn't concern you too much.

Jeff

DavidNB · #6 03-18-2006, 02:56 PM

[ QUOTE ]
[ QUOTE ]
By
suspicous I would think the amount would be in the millions.

[/ QUOTE ]

Think again.

Jeff

[/ QUOTE ]

Yea I suspose, lower amounts would be of concern. But with gambling, I don't think anyone has any big worries. Its not like you will get weekly deposits of thousands of dollars. Nor does every bank have their employees eyeballing every trnsaction hoping to catch someone depsoiting 10K from an online poker game. The odd cheque I have cashed I don't even think has the poker site listed. I deposit money to poker sites via CC and my cashouts come via cheque from the site.