Withdrawing large sums into American bank accounts

[stormy455]

A quick google search came up with this web page and many more.

[ QUOTE ]
The Crime

Structuring means breaking transactions larger than $10,000
into smaller increments by making multiple deposits or
withdrawals or by buying cashiers' checks, money orders, or
other monetary instruments for the express purpose of evading
the reporting requirements. These reports, required by the
Bank Secrecy Act (BSA)1 and the Internal Revenue Code,2 must
be filed with the Internal Revenue Service every time a
transaction involving more than $10,000 in cash is carried out
with a financial institution.3


The Conviction


To be convicted of structuring, an individual must knowingly
and willfully transact below the $10,000 threshold level,
intending to evade the reporting requirements.4 This means the
Government must prove that the defendant knew that the
financial institution is required by law to file transaction
reports and knew that breaking transactions into multiples of
less than $10,000 to avoid triggering these reports is
unlawful.5

[/ QUOTE ]

Milton Friedman wants to use common sense to argue that people are free to do with their money whatever they want. Unfortunately, he is wrong. Our banks have become an extension of the law enforcement in this country, and are required to report suspicious activity to the Feds. The OP's initial post would meet those requirements and would likely cause his activity to be scrutinized. I also agree with another poster that he has no reason to fear reporting his poker income. Just withdraw whatever you need in any amount and don't be afraid of it being reported. It's legitimate income.

[goodgrief]

Right, stormy. I don't blame milton for thinking the law should be fair and logical. Alas, we don't live in that world.

I would like to re-assure the original poster that if you are honest, keep good records, and do your best to comply with the law, I really wouldn't expect you to have a serious problem. I had many, many CTRs filed on me over the years by banks and, especially, casinos. I don't doubt that I also had SARs filed on me, at those inevitable times when it was only possible to do a transaction less than $10,000. After all, not every win is huge. [img]/images/graemlins/smile.gif[/img] But I didn't have a problem. The many transactions above the reporting requirement are pretty convincing evidence that I was not trying to evade the law.

[frommagio]

[ QUOTE ]
Need to know "what" ? ... Some unnamed federal agency supoosedly will called you up, because you deposited three checks from your employer ? You're not really providing the OP with any useful information. You are just telling some story.

How about some meaningful details, such as what agency did it, what was the supposed law broken, what did they require for proof, et cetera.

Sorry, but if I was going to ask semi-serious questions, they would have been more like:

(The Bank did not retain copies of the checks you deposited, but ratted your deposits out anyway ? Next time ask him to look at his existing file and save yourself a trip to his "office". Wouldn't your payor's name be on the checks ?)

(How did you happen to have a 1099 available after only 3 deposits ?)

You're being kind of thin-skinned. I did not mean to upset the rest of your life.

[/ QUOTE ]

"... until some moron on a Internet BBS decides he has to be a prick about you sharing your knowledge with someone who has a need to know..."

[frommagio]

[ QUOTE ]
Need to know "what" ? ... Some unnamed federal agency supoosedly will called you up, because you deposited three checks from your employer ? You're not really providing the OP with any useful information. You are just telling some story.

How about some meaningful details, such as what agency did it, what was the supposed law broken, what did they require for proof, et cetera.

Sorry, but if I was going to ask semi-serious questions, they would have been more like:

(The Bank did not retain copies of the checks you deposited, but ratted your deposits out anyway ? Next time ask him to look at his existing file and save yourself a trip to his "office". Wouldn't your payor's name be on the checks ?)

(How did you happen to have a 1099 available after only 3 deposits ?)

You're being kind of thin-skinned. I did not mean to upset the rest of your life.

[/ QUOTE ]

Hey MiltonFriedman, if you don't have a clue about the topic, why open your mouth to announce it to the world? Why not be quiet, read and learn?