I thought every deposit over $5,000 was investigated by the feds immediately....am I wrong?
10K and above triggers an automatic, unconditional "activity report".
Anything deemed "suspicious", no matter what the amount, triggers same.
So, if the bank's in compliance - and why it wouldn't be is a topic all on its own - there are detailed records not only at the bank, but at one of the authoritative Fed agencies -- I don't know if it's FBI, OCC, or whom.
Incidentally, given these banking rules (which are designed to capture terrorist funding), one has to wonder what the "activity report" collection on the Clinton Global Initiative and all its related entities must look like and, more importantly, why it's never been investigated.
If over $10,000 Cash is Deposited a Federal Form has to be completed. Checks and Wire Transfers are traceable, cash is not. I believe it started due to Drug Money Laundering.
With today’s Interest Rates, People are keeping their Money in their Mattresses anyway. LOL
If this story about the Deposit is factual, I am reminded of the Terrorist that wanted his Deposit back on the Rental Truck they blew up at the WTC in 1993. Maybe they aren’t that bright, or they’re just cheapskates.
I think $10K is the trigger on flagging the transaction, but any repeated pattern might be flagged. Of course the whole process may work as well as TSA screening or refugee screening, or DHS screening, which is to say it doesn’t work at all.
>>I thought every deposit over $5,000 was investigated by the feds immediately....am I wrong?
Not for muslims. That would be ray-cess.
Cash transactions over $10 000 are REPORTED immediately.
I very much doubt that they are investigated anything like immediately, and most of them are probably never investigated at all.
Not when your name is on the “no problem” list...It’s just for us law abiding cretin infidels.
Only if it’s cash.
Only cash deposits over $10K have to be reported to the government.