Cory
San Antonio,#2Consumer Comment
Mon, November 20, 2006
That old $10k rule doesn't always apply anymore. It can be much lower, as low as $4 or $5K. Any teller can submit a transaction he/she thinks is suspicious.
Stile
Phoenix,#3Consumer Suggestion
Sun, November 19, 2006
If this is the case, then your transfer is subject to reporting under the Bank Secrecy Act. All banks are required to report any transfer over this amount to confirm that IRS regulations are being followed, and to prevent money laundering. What you fail to realize in your example is that money laundering is rarely so obvious as someone living on "Death to America" lane. An innocuous transfer to a charity, for example, may end up being redirected to a terrorist organization, or a large transfer to an offshore account could be a prelude to a payment to a cartel.