- 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: Let's talk money laundering
Posted on 12/7/18 at 6:49 am to Bjorn Cyborg
Posted on 12/7/18 at 6:49 am to Bjorn Cyborg
High limit slots
Posted on 12/7/18 at 9:47 am to Cheese Grits
quote:
The 10,000 cash reporting act set up back around the Reagan administration is much more invasive than it used to be. I have been flagged for way less including a refund check by the US Treasury for around 2,500. Tellers are more invasive and question things often as litter as a few hundred dollars. Even tho it was a US Treasuryt check they kept asking me where I got it and what its was for. Had a bunch of small bills another time I wanted to exchange for nice new 100 dollar bills (500 dollars total) and the teller kept asking me where I got it. All I wanted to do was give it to some workers as a bonus at Christmas.
The CTR requirement goes back to 1970 through the Bank Secrecy Act - so well before Reagan. That said I do agree that AML requirements are much more strict than they were from 70s-early 2000s. As part of the Title III of the USA PATRIOT Act AML regulations were increased significantly, and have continued to increase through various additions by FinCEN since then.
That said your bank much not be too bright or are incredibly bored. A $2,500 check from the US Treasury should have raised 0 red flags. Also exchanging small bills for larger ones if the total was only $500 also shouldn't have raised any alarm. I think you just have a bank that is bored.
Posted on 12/7/18 at 9:55 am to Pectus
quote:
quote:
deposit it from those ATM that accept cash deposits so you don't have to talk to a teller.
Do you realize how many times you would have to do this?
Most banks have transaction and daily limits on how much cash you can deposit through an ATM. Some even have monthly limits. That said even if we ignore the limits of depositing through an ATM, it also ignores the fact that the Bank's transaction monitoring systems are going to go nuts when your account suddenly increases by $20MM without explanation.
Posted on 12/7/18 at 10:02 am to Pectus
quote:
That was my point!
Yeah, I was intending to expand upon yours.
Posted on 12/7/18 at 10:40 am to deltaland
quote:
Also a bank isn’t required to report deposits of less than 10k.
You can open up accounts at 5 different small banks and deposit 5-7 grand every couple weeks and it won’t be reported. This would work for amounts of 1-3 million. Large amounts it would be tough because of time and a massive change in lifestyle would draw red flags
Very risky. Banks can report suspicious transactions in any amount.
You stroll into the bank with 5k in cash every week and they will file report on you.
Hell, they have software that will flag it even if a teller/manager doesn't. Large systematic cash deposits.
Big risk to get on the radar.
Posted on 12/7/18 at 10:55 am to Tiger985
quote:
Also a bank isn’t required to report deposits of less than 10k
If I deposit any amount of cash over $100, they (Chase) ask for an ID and my debit card. They gotta be recording something.
Posted on 12/7/18 at 10:57 am to Bjorn Cyborg
The shooter in Vegas was a money launderer. That is why the news dropped the story like a hot rock. How do you think the casino's stay open? Big business.
Posted on 12/7/18 at 11:05 am to Bjorn Cyborg
(no message)
This post was edited on 4/25/19 at 2:22 pm
Posted on 12/7/18 at 11:25 am to Bjorn Cyborg
Set up a stable of thoroughbred race horses. Buy quality pedigree mares "in foal" and sell the weanlings at auction. Or buy a $3000 horse and enter it in a $2000 claiming race. Crazy money is exchanged in the horse racing/breeding industry as the big time players make a fortune, and the people who do it as a hobby often times lose money.
Would be interesting to see Aspercel's opinion on this possibility since she has direct knowledge of the business.
Would be interesting to see Aspercel's opinion on this possibility since she has direct knowledge of the business.
Posted on 12/7/18 at 11:31 am to OysterPoBoy
quote:
Just deposit it from those ATM that accept cash deposits so you don't have to talk to a teller.
A spike in ATM activity will trigger a red flag at the bank
Posted on 12/7/18 at 11:36 am to deltaland
quote:
Also a bank isn’t required to report deposits of less than 10k.
You can open up accounts at 5 different small banks and deposit 5-7 grand every couple weeks and it won’t be reported.
Yes it will. Intentionally avoiding the $10k threshold is a federal crime.
Posted on 12/7/18 at 11:38 am to LSUintheNW
quote:
I would get several safe deposit boxes and spread the money around
This is also illegal
Posted on 12/7/18 at 11:53 am to VADawg
At least with safe deposit boxes, the banks don't want to know what the frick you have in there, for a variety of reasons.
Posted on 12/7/18 at 12:05 pm to VADawg
quote:
Yes it will. Intentionally avoiding the $10k threshold is a federal crime.
Agreed; however, 5-7K every couple of weeks likely wouldn't trigger for structuring, but would likely trigger for unexplained high cash volumes. Either way I agree that depositing 5-7K in cash regularly will most definitely get you caught.
Posted on 12/7/18 at 12:20 pm to Bjorn Cyborg
1) Open a college bar financed by bank. Keep drink prices low and charge $10 at door. Exaggerate door sales as they are untraceable.
2) After two years, repeat.
3) After two more years, repeat.
Or go he Ryan Perriloux route. Go to a casino, purchase $5000 of chips. Wait a few hours and then turn them back in for a fresh $5000.00
2) After two years, repeat.
3) After two more years, repeat.
Or go he Ryan Perriloux route. Go to a casino, purchase $5000 of chips. Wait a few hours and then turn them back in for a fresh $5000.00
This post was edited on 12/7/18 at 12:23 pm
Posted on 12/7/18 at 12:24 pm to Antonio Moss
quote:
1) Open a college bar financed by bank. Keep drink prices low and charge $10 at door. Exaggerate door sales as they are untraceable.
2) After two years, repeat.
3) After two more years, repeat.
You would need to make sure you are disposing of alcohol (and any food) in a manner that matches your door sales. If your door sales significantly outpace the alcohol consumption, then you're an easy target to get caught.
Posted on 12/7/18 at 12:27 pm to Antonio Moss
quote:
Or go he Ryan Perriloux route. Go to a casino, purchase $5000 of chips. Wait a few hours and then turn them back in for a fresh $5000.00
Make sure you don't get it back in cash, because then you're back to where you started from.
Also Casinos are required to have AML compliance program as well so this method of laundering isn't as straight forward as it seems
Posted on 12/7/18 at 12:30 pm to MStant1
quote:
You would need to make sure you are disposing of alcohol (and any food) in a manner that matches your door sales. If your door sales significantly outpace the alcohol consumption, then you're an easy target to get caught.
Not in Louisiana where you can enter the bar at 18 but can't legally purchase alcohol until 21.
And no food sales. The less inspectors, the better.
Posted on 12/7/18 at 12:30 pm to MStant1
quote:
Make sure you don't get it back in cash, because then you're back to where you started from.
Also Casinos are required to have AML compliance program as well so this method of laundering isn't as straight forward as it seems
That's why he got caught.
Popular
Back to top
Follow TigerDroppings for LSU Football News