Local news story: consigment deal doesn't go smoothly 1 1

[revat]

16 hours ago, shadroch said:

I don't know Canadian banking at all. The U.S. tracks cash transactions of $10,000, not so much checks unless someone sees something suspicious.

 

11 hours ago, lou_fine said:

17 hours ago, oakman29 said:

On ‎8‎/‎2‎/‎2019 at 4:50 PM, shadroch said:

A large check drawn on a foreign bank still takes a good deal of time. 

Doesn't the government check payments over 10,000.00, to make sure no laundering,  or shenanigans? I may be wrong , just what I heard.

Yes indeed, any form of payment over $10K has to to be fully documented with an anti-money laundering form and submitted in for review.  

Not sure if this particular transaction would have been flagged and pulled for a more detailed review, as opposed to the norm of simply being waived right through.  A foreign amount of over $10K and detailing a comic book transaction might indeed raised some red flags as it would definitely be out of the norm for them, but not for the boardies here of course.  

its cash that's noted by the banks. Not checks or wires or whatever, unless there's other reasons to be suspicious.

Not that $10,000 isn't a lot of money, but there's WAAAAAYYYY to many transactions by check and/or wire and/or transfer for $10,000 to be tracked/reported for ALL transactions.  Its just cash deposits and withdrawals.

ALSO, for those enterprising young criminals who think they'll just deposit $9,900 every three hours or every other day, its also a crime to 'structure' your transactions in an effort to avoid reporting and detection.

[shadroch]

Banks, financial companies, and casinos have to file a Cash Transaction Report for every cash transaction over $10,000. These are routine forms, forwarded and processed without a second thought. 99% are never even looked at. If an institution thinks you are structuring, or if they are suspicious of where you are getting the cash, they file a Suspicious Activity Report.These are not routine and each one is supposed to be followed through. The system is overwhelmed and unless you are sending money to the Middle East or known Islamic fronts, your paperwork will sit unexamined for many years if no one goes looking for it.

These limits need to be adjusted for inflation as they have been in place since the early 1980s IIRC.