4 ms·
According to 31 CFR 1022.320 [1], your bank is legally required to report on any transaction that it "knows, suspects, or has reason to suspect ... involves fun
by jluxenberg 12y ago
According to 31 CFR 1022.320 [1], your bank is legally required to report on any transaction that it "knows, suspects, or has reason to suspect ... involves funds derived from illegal activity"
I don't know how the Treasury Department expects my bank to know if transactions involve funds derived from illegal activity, but damn is that creepy.
[1] http://www.law.cornell.edu/cfr/text/31/1022.320 http://www.law.cornell.edu/cfr/text/31/1022.320
- xux 12y agoI'm curiously why you think that's creepy. If you suddenly deposit $5 million, but your salary is $100k / year, that's pretty suspicious and report-able.
- D9u 12y agoWhat's really creepy is the fact that the big bankers can get away with laundering billions in drug cartel profits, yet not a single person has yet to answer for these crimes. http://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs http://www.theguardian.com/world/2011/apr/03/us-bank-mexico-... http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html http://www.bloomberg.com/news/2010-06-29/banks-financing-mex...