3 ms·
Isn't the 10K the reporting threshold for the bank? (vs actually triggering any sort of law enforcement check on that particular transaction)
by maxerickson 4y ago
Isn't the 10K the reporting threshold for the bank?
(vs actually triggering any sort of law enforcement check on that particular transaction)
- nradov 4y agoUS banks are generally required to report all cash transactions over $10K. However, they're also supposed to report smaller cash transactions that look suspicious. Like if you deposit $5K cash today, and then another $5K cash tomorrow, then it's likely that the bank will file a Suspicious Activity Report (SAR) with FinCEN.
- bad416f1f5a2 4y agoNote particularly that attempting to shape your deposits to avoid SARs - by depositing on different days, or different banks - is itself a federal crime. https://www.law.cornell.edu/uscode/text/31/5324 https://www.law.cornell.edu/uscode/text/31/5324
- rnotaro 4y agoIn Canada that's the amount where your transaction get automatically submitted to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). Abnormal smaller transaction patterns and suspicious transaction can also be reported to FINTRAC for analysis. "FINTRAC analyzes approximately 19 million transactions per year. In 2017, FINTRAC made 2,000 disclosures to police forces." according to Wikipedia.