Upcoming financial law bad beat

[NajdorfDefense]

'US Officials also are privately asking the banking industry to change the ways that banks record international transactions so the data are more complete and more accurate, several executives and industry officials said. Regulators are concerned that banks in some cases aren't producing records that disclose all information about senders and recipients of wire transfers, prompting regulators from the Federal Reserve and other agencies to raise questions about record-keeping practices in recent examinations.

Officials are also weighing new regulations to make U.S. banks disclose details of all cross-border transfers to law-enforcement agencies. At the moment, American banks aren't required to report when they make financial transfers less than $3,000 between the U.S. and other countries..."

[bobbyi]

"Wire transfers" means something like Western Union, right? I don't think an EFT to Neteller is a wire transfer. Anyone know?

[Red Lion]

Guess all my transfers are 3k now....

[mntbikr15]

Am I missing something or is this only a prob to those trying to dodge taxes?

[NajdorfDefense]

[ QUOTE ]
"Wire transfers" means something like Western Union, right? I don't think an EFT to Neteller is a wire transfer. Anyone know?

[/ QUOTE ]

I think it is. Your bank, say, Cittigrupe, is wiring money to Neteller PLC, a foreign corporation.

Sounds like a wire transfer to me. YMMV. [I know it's called an EFT to consumers, but I believe the Feds regard them all as 'wires' if you catch my drift.]

[NajdorfDefense]

[ QUOTE ]
Am I missing something or is this only a prob to those trying to dodge taxes?

[/ QUOTE ]

Yes, which is why I always report all my income, but also some people arent' comfortable with the gov't watching all their financial transactions, or at least those over 3k, etc.

[mntbikr15]

Meh...I dont particularly like it..but worse things could happen.

I to report all my income....the shitstorm that happens after and audit if you arent honest just isnt worth the tax savings Id get.

[BigBiceps]

An EFT is an electronic funds transfer.
A wire transfer is something that goes through the Federal Reserve's banking system.

Just FYI, as a side note.

[NajdorfDefense]

[ QUOTE ]
An EFT is an electronic funds transfer.
A wire transfer is something that goes through the Federal Reserve's banking system.

Just FYI, as a side note.

[/ QUOTE ]

Sounds good, do EFT use SWIFT instructions? 'Cos if they do you're really back in the same boat now.

[jman220]

This law, as I understand it, is more about 419 type scams and money laundering (which use wire transfers), than it is about trying to track online gamblers.