Originally posted by sheepslayer247
reply to post by Honor93
he Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the
United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep
records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily
aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Many banks will
no longer sell negotiable instruments when they are purchased with cash, requiring the purchase to be withdrawn from an account at that
4. Customers with multiple accounts. A customer maintains multiple accounts at a bank or at different banks for no apparent legitimate reason. The
accounts may be in the same names or in different names with different signature authorities. Interaccount transfers are evidence of common
it's a donation, remember
No, it's deposited in the bank....as the article stated.
wow, really ???
money laundering is what you use as a foundation for your argument ??
well then, clearly, you just don't understand how it works.
without going into great detail ... first, they'd have to participate with a financial institution
and not all are classified as such.
second, they'd have to make a single deposit to one account in one institution (anyone with half a brain doesn't do this, whether they are
circimventing the law or not)
third, what makes you think they'd EVER make a transaction that would be reportable ?
fourth, they often have family to which they can gift up to $10k without reporting it to anyone.
and lastly, admitting that this activity happens doesn't point a finger at any provider in particular.
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports
of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might
signify money laundering, tax evasion, or other criminal activities
without proof of either of the above bold items, the finanacial
institution has no evidence of any potential criminal activity to report.
deposits are not purchases of negotiable instruments.
9,000 to savings, 3,000 to checking, 7,000 to IRA, 4,500 to MF, 3500 to a loan payment and 6,000 split 3 ways for each of 3 children ... which of
these transactions would raise the brow of anyone ??
in case you aren't counting ... that's over $30g in one day's worth of deposits.
fyi, the taxman hears about the "donations", not the financial institution.
ETA -- i'm guessing you don't write-off donations either ?
do you volunteer at a food bank, Salvation army, Goodwill, local Humane Society ?
if you do, did you know that you can write-off the $$ value of your efforts ?
and yes, they can too.
donations (tissue) to the industry of research is usually reported as a write-off.
edit on 17-11-2012 by Honor93 because: ETA
PS ... in case you don't understand what you linked, if the physician walked into a FA and purchased
[$20g - strke that] $11g worth of gold
certificates, it would be reported. if that same client purchased $9g woth of gold certificates and deposited the remainder as indicated above, there
is still no "flag" generated.
edit on 17-11-2012 by Honor93 because: add PS
edit on 17-11-2012 by Honor93 because: add