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Isn't a 'large money transfer' in this context $10k?
by ISL 14y ago
Isn't a 'large money transfer' in this context $10k?
- roc 14y agoYou can get flagged for much less. (I believe the single transaction limit is more like 5k) But they can also flag smaller transactions that appear to fit 'structuring' patterns. So fairly small innocent transactions can and do get erroneously flagged. (Structuring being the practice of breaking up 'large' transactions explicitly to avoid being flagged.)
- danielweber 14y agoISTR that Eliot Spitzer was pushing for more aggressive treatment of structuring, and that's exactly how he got caught. No one ever accused politicians of being consistent, though
- duaneb 14y agoI've always known ten grand as the number at or over which they are required to report (or other obvious things like $9999), but they are free to report any transaction.
- rayiner 14y agoOnly if it's cash: "Banks, for instance, are required to report all personal cash transactions exceeding $10,000, as well as suspected incidents of money laundering, loan fraud, computer hacking or counterfeiting." The article mentions there are about 15 million such reports every year. Compared to the volume of financial transactions it's tiny.
- contingencies 14y agoAlso, the only way to submit such reports is via snail mail! So the latency for pickup is a joke.
- zimbu668 14y agoAs far as I can tell that $10,000 limit was introduced in 1970(http://www.fincen.gov/news_room/aml_history.html http://www.fincen.gov/news_room/aml_history.html) and never adjusted for inflation. In today's dollars that would be about a $60,000 cash transaction(http://www.wolframalpha.com/input/?i=%2410%2C000+1970+in+2013 http://www.wolframalpha.com/input/?i=%2410%2C000+1970+in+201...)