- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Which bank transactions must be reported to the Feds?
Posted on 1/8/13 at 8:29 am to Lookin4Par
Posted on 1/8/13 at 8:29 am to Lookin4Par
quote:
Is this also true for small business accounts?
Yes, however the bank has some discretion in that if the bank "knows the customer" it may not report smaller transactions which total over $10,000 because the customer's relationship manager understands the nature of the customer's business.
However, because of the draconian money laundering fines the bank might be subject to if it does not report transactions and it is later determined that non-reporting contributed to the bank's customer being able to launder money, many banks take a very conservative view and report EVERYTHING which might be even the slightest bit suspicious.
Posted on 1/8/13 at 8:40 am to LSURussian
That's a good breakdown and you can also add that in some cases the employee can be held personally responsible on top of all that.
fincen.gov if you want more specific details.
fincen.gov if you want more specific details.
Posted on 1/8/13 at 10:17 am to LSURussian
quote:
However, because of the draconian money laundering fines the bank might be subject to if it does not report transactions and it is later determined that non-reporting contributed to the bank's customer being able to launder money, many banks take a very conservative view and report EVERYTHING which might be even the slightest bit suspicious.
Dudes! HSBC FTW!
Popular
Back to top
Follow TigerDroppings for LSU Football News