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Actually, the $10,000 reporting situation involves
more than just the IRS .. There is a real-time currency
transfer monitoring system that is referred to as "Fin-Cen"
and it's purpose is to flag suspicious transactions that
may be related to drug money or money laundering operations
For more information on real-time monetary transaction tracking
see the following links:
<http://www.ustreas.gov/fincen/>
<http://www.securitymanagement.com/library/goodtest.txt>
<http://teaminfinity.com/~ralph/FinCEN.html>
<http://www.oberlin.edu/~brchkind/cyphernomicon/chapter11/11.4.html>
Patricia Gibbons - mailto:wa6ube@tactical-link.com
----- Original Message -----
From: Mel Miller <nourmahal@worldnet.att.net>
To: Military Vehicles List <mil-veh@uller.skylee.com>
Sent: Wednesday, March 08, 2000 8:48 AM
Subject: [MV] Reality Check
> *This message was transferred with a trial version of CommuniGate(tm) Pro*
> KBDewey 42GPW wrote:
>
> Something you guys failed to notice is that when a person withdraws or
> deposits ten thousand dollars or more the bank is required to report
> this transaction ........
>
> KB is correct. I did not mention this twist to the transaction when I
> recommended a wire transfer to a correspondent bank in the sellers city
> for reasons of safety.
>
> Any time $10,000 or more in cash is deposited or withdrawn from a
> financial institution in the United States, the teller enters the
> transaction as a 'Large Currency Transaction' and it is eventually
> transmitted to the IRS along with the persons name, the date, and his or
> her social security number. The seller in this case is not required to
> give any information to the buyers bank. His financial institution would
> only have to comply with this regulation if he deposited the money in
> chunks of $10,000 or more.
>
> This procedure should not affect our buyer in this instance, for
> although the IRS might eventually question the buyer about why he
> withdrew $40,000 in cash, his bill of sale, copy of the old and new
> title and registration, and a peek in the barn at the 'Green Greyhound'
> should clear up any questions. They can then go and pester the
seller......
>
>
> Drive On!
> Mel Miller
> Former Federal Financial Institutions Examiner
> M725
>
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This archive was generated by hypermail 2b29 : Tue Apr 04 2000 - 21:57:10 PDT