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davelj
ParticipantAs 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.)
ParticipantAs 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.)
ParticipantAs 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.)
ParticipantTypically, unless the amount of money is greater than $10,000 and involves CASH, a Suspicious Activities Report (or SAR) is not triggered. If you’re just wiring money around domestically and/or between accounts over which you have authority, it’s generally not an issue. More often than not, the big issue with SARs is with CASH or large wires to countries that are tax havens or on the government’s watch list for terrorism.
The reason that Eliot Spitzer’s transactions got flagged is because he’s a public official, so there’s a higher degree of scrutiny by banks, the FBI, etc. The investigation got started once they saw several cash transactions of less than $10,000 spaced by only a few days in some cases (suggesting “structuring,” as a way to stay under the $10,000 limit) and wires to entities that looked like shell companies, AND noted that he was a public official. Had he not been a public official, I think there’s a 99% chance nothing would have come of this. For the average person out there, the BSA is a non-issue. Just go about your business and its highly unlikely you’ll ever be bothered by it.
99.9% of SARs don’t even get reviewed. They just sit in a regulatory database somewhere.
ParticipantTypically, unless the amount of money is greater than $10,000 and involves CASH, a Suspicious Activities Report (or SAR) is not triggered. If you’re just wiring money around domestically and/or between accounts over which you have authority, it’s generally not an issue. More often than not, the big issue with SARs is with CASH or large wires to countries that are tax havens or on the government’s watch list for terrorism.
The reason that Eliot Spitzer’s transactions got flagged is because he’s a public official, so there’s a higher degree of scrutiny by banks, the FBI, etc. The investigation got started once they saw several cash transactions of less than $10,000 spaced by only a few days in some cases (suggesting “structuring,” as a way to stay under the $10,000 limit) and wires to entities that looked like shell companies, AND noted that he was a public official. Had he not been a public official, I think there’s a 99% chance nothing would have come of this. For the average person out there, the BSA is a non-issue. Just go about your business and its highly unlikely you’ll ever be bothered by it.
99.9% of SARs don’t even get reviewed. They just sit in a regulatory database somewhere.
ParticipantTypically, unless the amount of money is greater than $10,000 and involves CASH, a Suspicious Activities Report (or SAR) is not triggered. If you’re just wiring money around domestically and/or between accounts over which you have authority, it’s generally not an issue. More often than not, the big issue with SARs is with CASH or large wires to countries that are tax havens or on the government’s watch list for terrorism.
The reason that Eliot Spitzer’s transactions got flagged is because he’s a public official, so there’s a higher degree of scrutiny by banks, the FBI, etc. The investigation got started once they saw several cash transactions of less than $10,000 spaced by only a few days in some cases (suggesting “structuring,” as a way to stay under the $10,000 limit) and wires to entities that looked like shell companies, AND noted that he was a public official. Had he not been a public official, I think there’s a 99% chance nothing would have come of this. For the average person out there, the BSA is a non-issue. Just go about your business and its highly unlikely you’ll ever be bothered by it.
99.9% of SARs don’t even get reviewed. They just sit in a regulatory database somewhere.
ParticipantTypically, unless the amount of money is greater than $10,000 and involves CASH, a Suspicious Activities Report (or SAR) is not triggered. If you’re just wiring money around domestically and/or between accounts over which you have authority, it’s generally not an issue. More often than not, the big issue with SARs is with CASH or large wires to countries that are tax havens or on the government’s watch list for terrorism.
The reason that Eliot Spitzer’s transactions got flagged is because he’s a public official, so there’s a higher degree of scrutiny by banks, the FBI, etc. The investigation got started once they saw several cash transactions of less than $10,000 spaced by only a few days in some cases (suggesting “structuring,” as a way to stay under the $10,000 limit) and wires to entities that looked like shell companies, AND noted that he was a public official. Had he not been a public official, I think there’s a 99% chance nothing would have come of this. For the average person out there, the BSA is a non-issue. Just go about your business and its highly unlikely you’ll ever be bothered by it.
99.9% of SARs don’t even get reviewed. They just sit in a regulatory database somewhere.
ParticipantTypically, unless the amount of money is greater than $10,000 and involves CASH, a Suspicious Activities Report (or SAR) is not triggered. If you’re just wiring money around domestically and/or between accounts over which you have authority, it’s generally not an issue. More often than not, the big issue with SARs is with CASH or large wires to countries that are tax havens or on the government’s watch list for terrorism.
The reason that Eliot Spitzer’s transactions got flagged is because he’s a public official, so there’s a higher degree of scrutiny by banks, the FBI, etc. The investigation got started once they saw several cash transactions of less than $10,000 spaced by only a few days in some cases (suggesting “structuring,” as a way to stay under the $10,000 limit) and wires to entities that looked like shell companies, AND noted that he was a public official. Had he not been a public official, I think there’s a 99% chance nothing would have come of this. For the average person out there, the BSA is a non-issue. Just go about your business and its highly unlikely you’ll ever be bothered by it.
99.9% of SARs don’t even get reviewed. They just sit in a regulatory database somewhere.
ParticipantThe Fed has been engaged in back-to-back-to-back end of game hail marys. The passes were incomplete but because there were penalties on each play, they keep getting another shot at it. Eventually someone’s gotta catch the ball or the game is over. This can’t go on ad infinitum.
ParticipantThe Fed has been engaged in back-to-back-to-back end of game hail marys. The passes were incomplete but because there were penalties on each play, they keep getting another shot at it. Eventually someone’s gotta catch the ball or the game is over. This can’t go on ad infinitum.
ParticipantThe Fed has been engaged in back-to-back-to-back end of game hail marys. The passes were incomplete but because there were penalties on each play, they keep getting another shot at it. Eventually someone’s gotta catch the ball or the game is over. This can’t go on ad infinitum.
ParticipantThe Fed has been engaged in back-to-back-to-back end of game hail marys. The passes were incomplete but because there were penalties on each play, they keep getting another shot at it. Eventually someone’s gotta catch the ball or the game is over. This can’t go on ad infinitum.
ParticipantThe Fed has been engaged in back-to-back-to-back end of game hail marys. The passes were incomplete but because there were penalties on each play, they keep getting another shot at it. Eventually someone’s gotta catch the ball or the game is over. This can’t go on ad infinitum.
ParticipantThis, in conjunction with another rate cut, will work for a couple of weeks. Then it’ll stop working because the problem isn’t liquidity; it’s solvency. These actions only minimally address the solvency issue (debt service is lower for some folks) and the effects will eventually wear off.
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