Difference between revisions of "Talk:Ten Thousand Dollar Deposit Rule"

Latest revision as of 13:03, 15 June 2012

The IRS description of types of Currency Transaction Reports (http://www.irs.gov/compliance/enforcement/article/0,,id=112228,00.html)

Currency Transaction Report (CTR) Filed by financial institutions that engage in a currency transaction in excess of $10,000 Currency Transaction Report Casino (CTRC) Filed by a casino to report currency transactions in excess of $10,000. Report of Foreign Bank and Financial Accounts (FBAR) Filed by individuals to report a financial interest in or signatory authority over one or more accounts in foreign countries, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business Filed by persons engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or two or more related transactions within a twelve month period. Suspicious Activity Report (SAR) 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)

From Suspicious Activity Reporting (http://www.triacnet.com/hottopic/9912-sar.htm):There are five general types of activity that must be reported on the SAR:

Any kind of insider abuse of a financial institution, involving any amount, when detected;

Federal crimes against, or involving transactions conducted through, a financial institution that the financial institution detects and that involve at least $5,000 if a suspect can be identified, or at least $25,000 regardless of whether a suspect can be identified;

Transactions of at least $5,000 that the institution knows, suspects, or has reason to suspect involve funds from illegal activities or are structured to attempt to hide those funds;

Transactions of at least $5,000 that the institution knows, suspects or has reason to suspect are designed to evade any regulations promulgated under the BSA; and

Transactions of at least $5,000 that the institution knows, suspects, or has reason to suspect have no business or apparent lawful purpose or are not the sort in which the particular customer would normally be expected to engage and for which the institution knows of no reasonable explanation after due investigation. The SAR must be filed either in paper form or on magnetic media (tapes or diskettes). They are sent to the computing center of the Internal Revenue Service (IRS) for input into the SAR System.Interested parties include (deep breath): the Federal Bureau of Investigation, the Secret Service, the Department of Justice, the Customs Service, the Drug Enforcement Administration and the United States Postal Inspection Service. But it doesn't stop there. There are also many state agencies and other law enforcement groups.