Quote:
Originally Posted by TidalWave
The numbers are actually the following:
$9,999 transaction or more (wire, check, deposit, withdrawl)or above gets reported to DHS and IRS.
$2,999 cash transaction or more gets reported to DHS and IRS.
Also any wires to/from a country on the OFAC list gets immediately reported as well and the bank will most likely ask you questions about it, or freeze the funds, etc.
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Thanks, I wanted to say it was $2500-3000.00 but I simply could not remember.
As for the IRS, and $5000.00 (
irs.com website).
Quote:
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Filed on transactions or attempted transactions involving at least $5,000 that the financial institution knows, suspects, or has reason to suspect the money was derived from illegal activities. Also filed when transactions are part of a plan to violate federal laws and financial reporting requirements (structuring)
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He told me some other shit HLS can do in tracking electronic transfers, money, and so forth if they really wanted to. They have used this tactic apparently when they can't make some HLS charges stick.
I said, well why doesn't the IRS use this to track down bank fraud and such? He said they could, and do. But they are overwhelmed and underfunded. So until something 'pops' on the radar. They do not typically just do random searches.
Kinda weird but whatever.