10k Withdrawals and Government

[Jeter5583]

i don't think the 3k thing is right, i think you are wrong.

[LongRedHair]

I think the 3K is for cash deposits only and the 10K is for wire/check type deposits but I could be wrong.

[kyleb]

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I think the 3K is for cash deposits only and the 10K is for wire/check type deposits but I could be wrong.

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The answer is SOA's are filled out whenever the tellers want them to be filled out, even if it's $10.

[goodgrief]

If you take ANY action to avoid the reporting requirements, it is a felony. If you "structure" transactions -- deliberately always move under certain amounts to avoid triggering the report -- it is a felony money laundering offense called structuring and it's pretty easy to see if you are guilty. You leave a paper trail every time you move money. So move the amount you need or want, be it $20,000 or $20.

I've had lots of reports filed on me over the years. No big deal. It's pretty easy for me to prove the source of the cash though, as I was a well-known player in my area for a number of years. If most of your cash was earned online, I imagine that you can still prove the source of the cash is not illegal drugs or another illegal enterprise. Just keep good records. If the cash is from illegal enterprise, knock it off and see an attorney.

The law goes back to the Reagan era, not 911, although it is popular for banks etc. to pretend that these days you are helping the war on terror and it's something about the Patriot Act. But the legislation was passed in the 80s, and these reports have been going out on you for years and years before 911 if you dealt in cash.

[goodgrief]

While this is true, $3,000 is a guideline I've heard suggested so that reporters don't have to use their imaginations or indulge in private vendettas.
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The answer is SOA's are filled out whenever the tellers want them to be filled out, even if it's $10.

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[punk-in-drublic]

Just as clarification from someone who works in a bank the threshold for reporting cash transactions is 10000.01 it is called currency transaction reporting or an "atchley" attempting to avoid the reporting can be prosecuted as a felony. The 3000.01 threshold referred to earlier is in reference to monetary instrument logging this refers to converting cash into some sort of monetary instrument I.E. stored value cards official bank checks money orders etc. Suspicious activity is typically filed as a S.A.R or Suspicious Activity Report. These reports first go to the banks security department and then onto the proper authorities. I could not ever imagine any type of activity for 10 dollars that would generate a Suspicious activity report unless it was repeatedly changing Counterfeit bills.

*edit for clarifications* while small value SAR's are not common filing an SAR because an individual changed his mind not to make a transaction due to reporting requirements is very common* also almost all banks have systems in place to track attempts at structuring transactions by "splitting" larger transactions into smaller transactions or I cant stress enough not to attempt this you will get caught and its not fun. end edit*

[Bob T.]

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i don't think the 3k thing is right, i think you are wrong.




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He's right. 10K gets reported for cash transactions, and 3K gets reported for wire transfers.

[HoosierAlum]

My cashouts from poker sites are usually in the area of 5k-9k. I'm not keeping it in amounts like this to "structure", its just that those are the amounts that are most convenient for me to withdraw.

I pay my taxes, so I shouldn't have to worry about anything right?

[punk-in-drublic]

Exactly, while repeated cashouts near the 10k threshhold may rouse suspicion, if you are not intentionally structuring the deposits to avoid reporting and are paying taxes you have nothing to worry about.

[goodgrief]

Yeah, right. I would not want to stand in front of a jury of my peers and explain why I never needed in excess of 9K. You never buy a car, never put a down payment on property, hell, never got dental work or jewelry in excess of $10K. Well, good on you, but I think the logical explanation is that if a person is repeatedly making transactions below the reportable limit yet "somehow just by coincidence" never makes any transactions above the limit, he's guilty guilty guilty.

You guys think the Money Laundering Act of 1986 and the Patriot Act are about...taxes? They are about money laundering done by drug cartels and terrorists. They are not about taxes. Yes, by all means, you should be on good terms with IRS, but you still aren't allowed to structure. Plenty of money launderers pay their taxes in the hopes of "washing" their money. Don't structure your transactions. Structuring is a felony. Even if you pay your taxes! Sheesh, guys.

If your site does not ever allow you to withdraw more than the reportable amount, you need to document that it's a requirement of the site that you are not allowed to get more in one transaction. If it's under your control, stop structuring. Now. Today.








[ QUOTE ]
My cashouts from poker sites are usually in the area of 5k-9k. I'm not keeping it in amounts like this to "structure", its just that those are the amounts that are most convenient for me to withdraw.








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I pay my taxes, so I shouldn't have to worry about anything right?

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