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It's reporting requirements, not making it illegal to have money. If you've ever bought a car or house, or really made any purchase over $10,000, your bank fil

by mabbo 9y ago

It's reporting requirements, not making it illegal to have money. If you've ever bought a car or house, or really made any purchase over $10,000, your bank filed a report to the government with every detail they know about you and every detail about the transaction made. That's not paranoid delusions, that's publicly known law. https://en.m.wikipedia.org/wiki/Financial_intelligence#United_States_examples https://en.m.wikipedia.org/wiki/Financial_intelligence#Unite...

panarky 9y ago
This is not true. The Currency Transaction Report only covers cash transactions. That means green pieces of paper with pictures of dead presidents on them, not electronic money in a bank account. Deposit or withdraw cash, buy money orders or cashiers checks with cash, buy a car or house with cash, and if it's over $10,000, it gets reported. But if you write use a check, credit card, ACH or wire transfer, that's not cash and the bank doesn't have to file a Currency Transaction Report. That's because these transactions are already in the banking system, so there's already a good audit trail of what money is moving where.
- mabbo 9y ago
  Must depend on the country. In Canada, it's all transactions over 10k. I worked on the software that reads and analyzes the database of those records (a decade ago).
- conductr 9y ago
  Partially true. In the US, there is also this thing called Suspicious Activity Reports. They are triggered with any transaction >$3,000 (typically cash-equivalents; but that can be wide reaching). There are some requirements where banks must report but there is also the discretionary part. This is where banks can be held liable for not reporting suspicious activity. Because of that, it is safe to assume most banks report every transaction above $3,000 of any type. But let's face it, most bank databases probably have something like this going on; GRANT SELECT ON Transactions TO USGOVT

by mabbo 9y ago

panarky 9y ago

This is not true. The Currency Transaction Report only covers cash transactions. That means green pieces of paper with pictures of dead presidents on them, not electronic money in a bank account. Deposit or withdraw cash, buy money orders or cashiers checks with cash, buy a car or house with cash, and if it's over $10,000, it gets reported. But if you write use a check, credit card, ACH or wire transfer, that's not cash and the bank doesn't have to file a Currency Transaction Report. That's because these transactions are already in the banking system, so there's already a good audit trail of what money is moving where.

mabbo 9y ago
Must depend on the country. In Canada, it's all transactions over 10k. I worked on the software that reads and analyzes the database of those records (a decade ago).
conductr 9y ago
Partially true. In the US, there is also this thing called Suspicious Activity Reports. They are triggered with any transaction >$3,000 (typically cash-equivalents; but that can be wide reaching). There are some requirements where banks must report but there is also the discretionary part. This is where banks can be held liable for not reporting suspicious activity. Because of that, it is safe to assume most banks report every transaction above $3,000 of any type. But let's face it, most bank databases probably have something like this going on; GRANT SELECT ON Transactions TO USGOVT