Posted on 09/11/2006 2:15:13 AM PDT by JOAT
That was shouted dwon when people found out about it.
Now, with the WOT, everyone finally got something worse.
Withdrawls of $5K are quite common. See 'em every day.
Meet Mr. Unintended Consequence.
"Being rich in and of itself - is not a crime-yet."
There. Fixed it.
$10,000 has been a red flag for years to track money laundering.
This article is full of B.S.!!! SAR's are not what this
POS reports them to be. Once again the DBM hit and run
smear is full of misinformation and half truths...
I believe it's down to $3,000. And I hope they do find the bad guys.
You and me both. I'm affiliated with the "Gang That Couldn't Pay Attention".
The point of the Homeland Security Legislation is two fold; the first is to surface potential and actual money laundering. The second is to ensure that banks do not do business with people or groups or countries that are on a proscribed list (Iran being one).
The whole effort is to block the movement of cash between terrorist parties both outside and inside the U.S.
We bought a new car out of town a couple of years ago, and paid cash. We had to take the certified checks in 5,000.00 increments and as far as I know there never was any problem whatsoever.
Have something to hide, do you?
I don't want to get your knickers in a twist......but KNOW YOUR CUSTOMER is alive and well.
... And on steroids, now, apparantly.
Indded it is. Check out this application from the government website. YOU ARE A "SUSPECT" if you withdraw 5K from your account. Mind-blowing document. pdf file.
http://www.fdic.gov/formsdocuments/6710-06.pdf
There is a lot of data mining going on out there to find unusual banking activity.
Yes. I have a private life. Bend over on govt command? No thanks. You can have it.
I don't see a box to check for "$xxxxx.xx commercial wire transfer transferred to Visa in 24 Hours", but if it makes them feel better.....
Can't say I like it much, but I have already paid witholding.
There are regs with mandatory filing, but the government also leaves it up to the bank's discretion to file for any transaction that doesn't meet the mandatory filing requirements, but is still suspicious given the unique circumstances. Thus, the banks are probably playing CYA by reporting almost everything.
Anybody who doesn't like this, but supports the War on Drugs as it is being executed, prepare for some cognitive dissonance.
Well, terrorism can be surprisingly affordable. Let me show you some of our attractive financing plans... ;-)
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