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SVTPerformance's Chain of Restaurants
Road Side Pub
Goodbye Hellcat
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<blockquote data-quote="cidsamuth" data-source="post: 16480488" data-attributes="member: 110091"><p>Lots of misinformation here on currency transactions.</p><p></p><p>Any currency transaction of $10k or more must be reported. Happens a gazillion times a day. Its called a CTR and, in and of itself, no big deal.</p><p></p><p>Financial institutions also have the ability to file an SIR (Suspicious Incident Report) for anything deemed off. For instance, an easy example, if someone makes five separate deposits of $9,999 to avoid the CTR requirement, that's an easy SIR for the bank. Note, structuring transactions to avoid CTRs is illegal in and of itself.</p><p></p><p>There is definitively something hinky about this transaction. To be money laundering though, the laundered money has to come from a list of "Specified Unlawful Activities." Not all illegally earned proceeds can be cited for a money laundering charge.</p></blockquote><p></p>
[QUOTE="cidsamuth, post: 16480488, member: 110091"] Lots of misinformation here on currency transactions. Any currency transaction of $10k or more must be reported. Happens a gazillion times a day. Its called a CTR and, in and of itself, no big deal. Financial institutions also have the ability to file an SIR (Suspicious Incident Report) for anything deemed off. For instance, an easy example, if someone makes five separate deposits of $9,999 to avoid the CTR requirement, that's an easy SIR for the bank. Note, structuring transactions to avoid CTRs is illegal in and of itself. There is definitively something hinky about this transaction. To be money laundering though, the laundered money has to come from a list of "Specified Unlawful Activities." Not all illegally earned proceeds can be cited for a money laundering charge. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Goodbye Hellcat
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