Deposts/withdrawals just under the limits draw the attention of AML algorithms. Drug dealers have been getting busted doing this for years. It screams "money laundering" to the computers.
Theoretically, the government doesn't put their hands on your finances. The banks alert the government if they see something suspicious. In theory........
I feel like it should be over 15k. Of course it’s possible he’s requiring they report over 50k but that gov will be alerted well under that. Based in the wording I think that’s the case.
Institutions now have to report receiving a gift of more than $50,000 from overseas? But what happens if they receive a gift of $49,000? wtf
multiple times a day
Same thing as $50,000 exactly. Nothing.
There are limits everywhere and they always max out.
Deposts/withdrawals just under the limits draw the attention of AML algorithms. Drug dealers have been getting busted doing this for years. It screams "money laundering" to the computers.
It’s called structuring and is also illegal.
AML is only a thing because the government feels they have a right to put their hands on our finances and to see where they are.
Theoretically, the government doesn't put their hands on your finances. The banks alert the government if they see something suspicious. In theory........
I've sat through 1000's of hours of AML training.
Yes but the underlying purpose is to make sure you're paying all the proper taxes.
(Yes there are other claimed purposes as well like anti-terrorism funding but I think these are secondary)
They do report larger sums to the gov. Over $2999.99 unless that has been lowered again. Also, no idea if anyone even reads those reports.
I feel like it should be over 15k. Of course it’s possible he’s requiring they report over 50k but that gov will be alerted well under that. Based in the wording I think that’s the case.