*** Official August - October Chatter Thread ***

[B00T]

you can get nailed for structuring and a suspicious activity report filed againist you which would likely trigger attention you really don't want your way

[Performify]

Utah,

What you're asking about -- Structuring, i.e. specifically arranging transactions to avoid the Bank Secrecy Act -- is a very serious crime, with very serious jail time and/or fines attached.

http://www.law.cornell.edu/uscode/ht...4----000-.html

The Bank Secrecy Act makes a Suspicious Activity Report mandatory on anything over 10k, but with BSA SAR procedures in place, if you pull out 50k in a weeks time no matter how you do it, you're going to get a SAR filed, even if you (illegally structure to) make transactions of 5k each.

Short, direct answer: if you're pulling 50k out of your account this week, you're getting a SAR filed, no matter how you do it.

But if you're regularly traveling to Russia you're already on the terrorist list anyways, so its not exactly the top of your worry list. [img]/images/graemlins/wink.gif[/img]

-P

[Utah]

[ QUOTE ]
Utah,

What you're asking about -- Structuring, i.e. specifically arranging transactions to avoid the Bank Secrecy Act -- is a very serious crime, with very serious jail time and/or fines attached.

http://www.law.cornell.edu/uscode/ht...4----000-.html

The Bank Secrecy Act makes a Suspicious Activity Report mandatory on anything over 10k, but with BSA SAR procedures in place, if you pull out 50k in a weeks time no matter how you do it, you're going to get a SAR filed, even if you (illegally structure to) make transactions of 5k each.

Short, direct answer: if you're pulling 50k out of your account this week, you're getting a SAR filed, no matter how you do it.

But if you're regularly traveling to Russia you're already on the terrorist list anyways, so its not exactly the top of your worry list. [img]/images/graemlins/wink.gif[/img]

-P

[/ QUOTE ]so is it best just to pull the $50k at one time and let them file a damn report? What do they do with such reports. Do they send in a team to do surveillance on me?

[Performify]

Yes, they're going to file regardless if you're pulling out 50k in cash in a week, so its best if you pull out the money in whatever time is convenient for you -- I assume that's $50k in a single chunk as you're going to have to go in to the bank to pull it out.

All it means is a report gets filed to the Department of the Treasury and to the IRS. FinCEN isn't likely do do anything, especially if this is a single transaction and not a regular parttern. If you're routinely withdrawing big chunks of money and traveling overseas, who knows what kind of attention you're drawing inside the DoTres or DoJ.

The IRS will simply get notification that you've withdrawn the money -- I'm assuming you're paying taxes on whatever hits your bank account regardless, but if for some reason if you're not, know that the IRS will have a record of 50k leaving your account on this date in their files/etc.

-P

[centris]

Snooker- The Northern Ireland Trophy- 4th Nov

Ian McCulloch vs Alan McManus

McCulloch -115 Pinny
McManus +125 Bodog

Hmmmm, who knows Snooker better Pinny or Bodog?

[hedgie43]

Skybet: McCulloch 5/6, McManus, 5/6
Paddy Power: McCulloch 4/6, McManus 11/10

Pinny line has moved to -124/+114 now.