Quote:
Originally Posted by SAC
After 9/11 and the Patriot Act nothing is safe to purposely omit, tread at your own risk...
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Excellent Advice
a. From US based accounting firm:
I?ve been asked by some of my gambling clients about ePassporte, an e-wallet that?s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was.
So where is ePassporte headquarted? They?re headquartered in St. Kitts, part of the Federation of Saint Kitts and Nevis, the smallest independent nation in the Caribbean. So if you have an account at ePassporte it is a foreign bank account. If you?re a US citizen and your high balances in any foreign bank accounts when added together add up to $10,000 or more, you must file Form TD F 90-22.1 and check the box on Schedule B. If you willfully don?t file Form TD F 90-22.1 the minimum fine is $100,000.
So if you have foreign bank accounts and meet the threshold of reporting make sure you comply.
b.
Money Laundering: Life After
the Patriot Act ( SEC Report )
c. Our banking institutions explained that they must file a SAR's report every time we send money via bank wire, epass, paypal etc to or through a foreign country. Frequency raises red flags.