Scott (Mich)
Sr. Member
I heard something quite interesting on NPR yesterday.
They were talking about the troubles that the NY governor got into. Apparently how they found him was not because of the prostitute, but because of his bank alerting the fed about some of his transactions sending up a red flag. While the fed was investigating his money transfers they got him on tape hiring the out-of-state hooker.
How does this pertain to CRH-ing you might ask? While in the conversation with the government agent the reporter asked what raised the suspicion of the bank. Was there something illicit going on or was it because there was a payment of more then $10,000? The government guy said that after 911 the $10k rule went out the window (for those that do not know that is where the bank sends out an alert any time there is a cash transaction of $10,000 or more). He said after 911 that any suspicious transaction is reported, no matter what the amount. He gave the example of a company sending multiple small payments to the same place in Africa. The place gave millions with nothing being over ten thousand dollars as they thought it would not raise suspicion. They were wrong.
What does this mean to we CRH-ers? A bank can report any transaction it deems suspicious, regardless of the amount of money. I do not think that this is bad for us as it sounds. I think it is unlikely that a bank would report large deposits of coins.
Now maybe the rule is still in place where forms have to be filed if there is $10k or more cash deposited at any one time, but from what the government guy talking to the reporter said, it seemed to be up to the bank as whether to report it or not.
Happy Hunting,
Scott (MI)
They were talking about the troubles that the NY governor got into. Apparently how they found him was not because of the prostitute, but because of his bank alerting the fed about some of his transactions sending up a red flag. While the fed was investigating his money transfers they got him on tape hiring the out-of-state hooker.
How does this pertain to CRH-ing you might ask? While in the conversation with the government agent the reporter asked what raised the suspicion of the bank. Was there something illicit going on or was it because there was a payment of more then $10,000? The government guy said that after 911 the $10k rule went out the window (for those that do not know that is where the bank sends out an alert any time there is a cash transaction of $10,000 or more). He said after 911 that any suspicious transaction is reported, no matter what the amount. He gave the example of a company sending multiple small payments to the same place in Africa. The place gave millions with nothing being over ten thousand dollars as they thought it would not raise suspicion. They were wrong.
What does this mean to we CRH-ers? A bank can report any transaction it deems suspicious, regardless of the amount of money. I do not think that this is bad for us as it sounds. I think it is unlikely that a bank would report large deposits of coins.
Now maybe the rule is still in place where forms have to be filed if there is $10k or more cash deposited at any one time, but from what the government guy talking to the reporter said, it seemed to be up to the bank as whether to report it or not.
Happy Hunting,
Scott (MI)
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