OT: Spitzer and Bank Accounts

[pencilneck]

davelj probably knows a lot more about this than I do, but I read (in another article about Spitzer) that the $10k trigger is a popularly believed myth.

[davelj]

As a bank director that sees SARs every month, I can assure you that the $10K trigger is not a myth (exception noted below). Having said that, and this may be where the confusion lies, simply because an SAR is filed does not mean that you’re “in trouble.” Most of the time you can put $10K (or whatever) in cash in the bank (or withdraw it) and never be the wiser. But, don’t kid yourself – an SAR is going to be filed unless the bank is aware, and has documentation, that your business has a large cash component and large cash deposits are part of the “normal course” in your business. (This is why parking lots, restaurants, dry cleaners, etc. are great businesses for money laundering.)

[davelj]

As a bank director that sees SARs every month, I can assure you that the $10K trigger is not a myth (exception noted below). Having said that, and this may be where the confusion lies, simply because an SAR is filed does not mean that you’re “in trouble.” Most of the time you can put $10K (or whatever) in cash in the bank (or withdraw it) and never be the wiser. But, don’t kid yourself – an SAR is going to be filed unless the bank is aware, and has documentation, that your business has a large cash component and large cash deposits are part of the “normal course” in your business. (This is why parking lots, restaurants, dry cleaners, etc. are great businesses for money laundering.)

[davelj]

As a bank director that sees SARs every month, I can assure you that the $10K trigger is not a myth (exception noted below). Having said that, and this may be where the confusion lies, simply because an SAR is filed does not mean that you’re “in trouble.” Most of the time you can put $10K (or whatever) in cash in the bank (or withdraw it) and never be the wiser. But, don’t kid yourself – an SAR is going to be filed unless the bank is aware, and has documentation, that your business has a large cash component and large cash deposits are part of the “normal course” in your business. (This is why parking lots, restaurants, dry cleaners, etc. are great businesses for money laundering.)

[davelj]

As a bank director that sees SARs every month, I can assure you that the $10K trigger is not a myth (exception noted below). Having said that, and this may be where the confusion lies, simply because an SAR is filed does not mean that you’re “in trouble.” Most of the time you can put $10K (or whatever) in cash in the bank (or withdraw it) and never be the wiser. But, don’t kid yourself – an SAR is going to be filed unless the bank is aware, and has documentation, that your business has a large cash component and large cash deposits are part of the “normal course” in your business. (This is why parking lots, restaurants, dry cleaners, etc. are great businesses for money laundering.)

[davelj]

As a bank director that sees SARs every month, I can assure you that the $10K trigger is not a myth (exception noted below). Having said that, and this may be where the confusion lies, simply because an SAR is filed does not mean that you’re “in trouble.” Most of the time you can put $10K (or whatever) in cash in the bank (or withdraw it) and never be the wiser. But, don’t kid yourself – an SAR is going to be filed unless the bank is aware, and has documentation, that your business has a large cash component and large cash deposits are part of the “normal course” in your business. (This is why parking lots, restaurants, dry cleaners, etc. are great businesses for money laundering.)

[Author]

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