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If you wanted to launder money, like for a plot for a book, I would buy gold coins, antique gold coins, rare stamps or jewelry (always easy to resell for cash) and put it in a safe deposit box.
I move amounts larger than $10K around from account to account and ban to bank frequently and never report anything to anybody.
The bank does keep watch on amounts over $10 k, but you will never hear from anyone unless the activity looks suspisious. If your unemployed and are depositing over $10 k frequently, then you will get some questions asked. Otherwise, if your legit, don't worry about it..
I can prove where the money came from is anyone wants to know. That is the bottom line.
I don't like moving money......why get their attention???
My checks made out to the business has to go though the banking account.
I take the money out and put it in safety deposit boxes.
If you wanted to launder money, like for a plot for a book, I would buy gold coins, antique gold coins, rare stamps or jewelry (always easy to resell for cash) and put it in a safe deposit box.
I buy sliver from time to time.
I am not worried but.....if I sold today I would be down about $60,000.
It appears every transaction as of a few weeks ago is now being watched. Under the ruse of identity protection. All banks are attaching your DL and SSN to all cash deposits and withdrawals. To all checks cashed and deposited. I do not understand how if I deposit cash into my account that i need to be protected from a thief. you don't need ID protection from someone depositing money or checks into your account. the banks are reporting to the Feds everything you do electronically. chase was one of the first now citibank has complied with the new law. I do not know what law Obama administration is using to force institutions to report, but it is happening now.
FinCEN = Treasury's Financial Crimes Enforcement Network. Its mission is to safeguard the financial system from illicit use, to combat money laundering, and to promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
FinCEN carries out this mission by receiving and maintaining financial transactions data, analyzing and disseminating that data for law enforcement purposes, and building global cooperation with related and counterpart organizations abroad.
FinCEN operates under the auspices of the Currency and Financial Transactions Reporting Act of 1970, as amended by Title III of the USA PATRIOT Act of 2001 and other legislation. Taken together, these comprise the legislative framework commonly known as the Bank Secrecy Act.
In other words, people have been doing this for good reason for a long time, while the age of e-everything has made expansion and modernization of the process inevitable.
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