re: Let's talk money laundering

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.

That was my point!

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.

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.

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.

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

quote:

---

I would get several safe deposit boxes and spread the money around

---

This is also illegal

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.

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.

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.