Btw, banks will flag multiple transactions of $9,999 even if the reporting threshold is $10k USD. Structuring to avoid the $10k reporting requirement is well known and no guarantee of remaining under the radar.
I worked in a bank for a bit. Literally any transaction that’s large and unusual for the account will be flagged. Also people do bonkers things with their money for the stupidest reasons all the time so all that one has to do if they’re making large transactions is be prepared to talk to the bank and explain what’s going on.
Unless of course you are handling money in relation to organized crime, in which case you were fucked the moment the money touched the banking system
Btw, banks will flag multiple transactions of $9,999 even if the reporting threshold is $10k USD. Structuring to avoid the $10k reporting requirement is well known and no guarantee of remaining under the radar.
Not even that close. They’ll flag any recurring fairly large transactions under 10k.
I’m unfamiliar as I’ve never had such. What counts as re-occuring? Is two payments always considered re-occuring?
It can be, if they’re fairly close in time and total just past 10k.
Every bank has their own algorithm and they try to ride the line between catching criminals and not having too many false positives.
I worked in a bank for a bit. Literally any transaction that’s large and unusual for the account will be flagged. Also people do bonkers things with their money for the stupidest reasons all the time so all that one has to do if they’re making large transactions is be prepared to talk to the bank and explain what’s going on.
Unless of course you are handling money in relation to organized crime, in which case you were fucked the moment the money touched the banking system
The feds also like to criminally prosecute people if they do transactions that can be construed to be avoiding the reporting limit.
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