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Whether or not you agree with the law, how is intentionally avoiding having your withdrawal recorded respecting the law? Hastert could have simply withdrawn th

Whether or not you agree with the law, how is intentionally avoiding having your withdrawal recorded respecting the law? Hastert could have simply withdrawn the entire amount at once.

passwordreset 11y ago
No, he couldn't, because that would have been against the law.
- rnovak 11y ago
  No it wouldn't, it just would have been reported to the IRS. Not illegal, just reported for tax purposes
Frozenlock 11y ago
This has nothing to do with agreeing with the law, it's about complying with it. If it says you must report any --single-- withdrawal larger than $10k, then you are complying with it if you don't report: A single withdrawal $5k; 3 withdrawal of $9k; Yearly withdrawals of groceries; Like said in another comment, you could easily ask to report any --total-- withdrawal larger than $10k within a time frame if that's really what you wanted.
- Spooky23 11y ago
  You are obliged to report withdrawals of $10k or more with a CTR. Your bank is obliged to report any transaction deemed "suspicious", including transactions or series of transactions that you previously reported. Anyone working for the bank can decide that your transactions are suspicious for pretty much any reason. They are required to keep their suspicions secret from you. (Example: Gov Spitzer of NY's fall: http://www.banktech.com/spitzer-exposed-by-bankandrsquos-anti-money-laundering-technology-/d/d-id/1291767 http://www.banktech.com/spitzer-exposed-by-bankandrsquos-ant...? ) Basically, the government doesn't want people moving lots of untraceable money around, period. If you're wealthy and like to spend your money interacting with Federal law enforcement, go for it, but have a good attorney standing by and stfu.