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In the US cash transactions over 10k are highly regulated. And interestingly even making a series of withdrawals for say $9,500 is also illegal, even though it’
by jdavis703 5y ago
In the US cash transactions over 10k are highly regulated. And interestingly even making a series of withdrawals for say $9,500 is also illegal, even though it’s under the limit. They call it “structuring” and even politicians in the US Congress have been charged with this.
- wombatpm 5y agoDennis Hassert , former speaker of the house, was convicted of exactly this for withdrawing cash to pay off the blackmailer who threatened to go public with Hassert history of child sex abuse when he was a wrestling coach.
- shkkmo 5y ago"higly regulated" isn't really accurate. Banks have a reporting requirement but there aren't really any restrictions on individuals or their ability to make such transactions. The actual restrictions are (as you mentioned) on transactions under 10k that need to avoid any possible appearance of structuring to avoid the 10k deposit reporting