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Thread: Cash Transaction Reporting Limit now dropped to $2000 nationwide

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    Default Cash Transaction Reporting Limit now dropped to $2000 nationwide

    (snip)"An MSB [ Money Services Business i.e. bank or money order seller - sic ] must file a SAR [ Suspicious Activity Report to the IRS - sic ] when it knows or suspects that:

    The funds come from illegal activity or disguise funds from illegal activity;

    The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,

    The MSB is being used to facilitate criminal activity.

    There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler’s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.

    from

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    Damn they are going to be busy. When I went to Canada I took out $5000. At a Casino $2000 is chump change. What is Client number 9 going to do?

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    What is Client number 9 going to do?
    A. become a cable TV 'talking head' commentator

    B. claim the 'Kennedy Exemption' and run for office again now that the heat has subsided !

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    Quote Originally Posted by Melonie View Post
    A. become a cable TV 'talking head' commentator

    B. claim the 'Kennedy Exemption' and run for office again now that the heat has subsided !
    I mean how is he going to get $2,000 cash plus tip without geting reported.

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    ^^^ hit the ATM repeatedly over several subsequent days ?

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    Quote Originally Posted by Melonie View Post
    ^^^ hit the ATM repeatedly over several subsequent days ?
    That $500 limit isn't going to hack it; not on a good day in Newark.

    Come on this is a joke; when I go to a computer show I take more than $2000 not that I will spend it all but if the right deal presents its self I need cash as they charge 10% for credit cards, debit cards and checks.

    They can check me all they want wile the Lincoln Tunnel gets flooded with a bomb.

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    ^^^ This may be a joke but it's also no joke for people who have relied on unreported cash transactions to 'fly below the radar'. Qbviously the lowering of the automatic cash transaction reporting limit really has very little to do with anti-terrorist money laundering, and a whole lot to do with tracking down unreported and untaxed cash income from the 'spending' side.

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    Quote Originally Posted by Melonie View Post
    ^^^ This may be a joke but it's also no joke for people who have relied on unreported cash transactions to 'fly below the radar'. Qbviously the lowering of the automatic cash transaction reporting limit really has very little to do with anti-terrorist money laundering, and a whole lot to do with tracking down unreported and untaxed cash income from the 'spending' side.

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    Default Re: Cash Transaction Reporting Limit now dropped to $2000 nationwide

    Quote Originally Posted by Melonie View Post
    ^^^ This may be a joke but it's also no joke for people who have relied on unreported cash transactions to 'fly below the radar'. Qbviously the lowering of the automatic cash transaction reporting limit really has very little to do with anti-terrorist money laundering, and a whole lot to do with tracking down unreported and untaxed cash income from the 'spending' side.



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