Regulation GG/Internet Gambling Notification WTF?

[Trampled Underfoot]

I think banks only report incoming funds of 10K or higher. At least I hope that is still the case.

 

[MadJack]

I think banks only report incoming funds of 10K or higher. At least I hope that is still the case.

Only cash of $10K and greater. Cash.

 

[Trampled Underfoot]

Only cash of $10K and greater. Cash.

What about checks coming in? I better start using WU!

 

[Terryray]

What about checks coming in? I better start using WU!

Yes, checks (personal, cashier?s check, bank draft, traveler?s check) coming in or going out are considered "negotiable transactions" and bank must file a Currency Transaction Report (CTR) to the Treasury.

Here is the actual form banks must fill out. Notice the boxes they check if "cash" was in the form of "negotiable instruments" or "wire transfers". These terms are defined at the end of the form.

Also notice on form that multiple deposits that total over $10K can trigger this form. Your $10K doesn't have to necessarily be a single transaction.

 

[MadJack]

Yes, checks (personal, cashier?s check, bank draft, traveler?s check) coming in or going out are considered "negotiable transactions" and bank must file a Currency Transaction Report (CTR) to the Treasury.

Here is the actual form banks must fill out. Notice the boxes they check if "cash" was in the form of "negotiable instruments" or "wire transfers". These terms are defined at the end of the form.

Also notice on form that multiple deposits that total over $10K can trigger this form. Your $10K doesn't have to necessarily be a single transaction.

Incorrect-amundo!

http://personalbudgeting.suite101.com/article.cfm/currency_transaction_report

CASH ONLY!


Currency Transaction Report
What are Currency Transaction Reports? Also known as a CTR
Jan 19, 2010 Jerry Barker


Currency Cash Transaction Report - AkhaterFinancial institutions are required to file financial reports called CTR's with the IRS when you make a large cash deposit or cash withdraw in excess of $10,000.00.

Deposit or withdraw a large sum of money in excess of $10,000.00 cash with a financial institution and by law, they will have to file a Currency Transaction Report (CTR) with the Internal Revenue Service (IRS). Introduced in 1970 as part of the Bank Secrecy Act, it is designed to prevent and detect money laundering and other criminal activity. This law strictly applies to cash transactions only and not negotiable instruments of monetary value like checks or money orders.

About the Law

Federal law requires all financial institutions to report all cash transactions that exceed the threshold of $10,000.00, as well as multiple cash transactions that add up to exceed the $10,000.00 limit in a single day. The federal law requires these reports to safeguard the financial industry from threats posed by money laundering and other financial crimes. To comply with this law, financial institutions must obtain personal identification information about the individual conducting the transaction such as a social security number as well as a driver?s license or other government issued ID. This requirement applies whether the individual conducting the transaction has an account relationship with the financial institution or not.

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Watch the AC360 Videos Where Truth Got in the Way of an Agenda. Get the Unvarnished Facts. FreedomMag.org/AC360_VideosTerror Alerts to Cell IntelCenter FlashNet Terror Alerts to cells, pagers & email, 24/7 www.intelcenter.comStructuring a CTR
Trying to deposit or withdraw money in multiple increments of less then $10,000.00 to complete a transaction is called ?structuring.? Federal law makes it a crime to break up transactions into smaller amounts for the purpose of evading the CTR reporting require*ment. Structur*ing transactions can result in imprisonment and/or a fine of up to $250,000.00. If structuring in*volves more than $100,000.00 in a twelve month period or is performed while violating another law of the United States, the penalty is doubled. It may also cause the financial institution to file what's called a suspicious activity report (SAR) as well. Most companies today have technology that tells them when CTR's need to be done and even automatically creates them electronically, so don't think the trick is to use different branches of the same bank, or just fooling the new teller.

Suspicious Activity Report

Introduced in 1996, SAR's are filed when the financial institution believes the funds were acquired from illegal activities or if they believe a customer is trying to circumvent the federal laws regarding their financial reporting requirements. It is illegal to attempt to structure deposits or withdraws in such a manner as to prevent the bank from filing a CTR. Doing so will require the financial institution to file a SAR. These reports are used to alert the proper authorities of suspected fraud. SAR's can be filed along with CTR's, but the CTR's can only be filed with the SAR's if the amount of the transaction involves cash in excess of $10,000.00.

Read on
Reconstructing Business Gross Receipts
Foreign Currency Exchange (FOREX) Trading
Reconstruct Lost Business Records
There is no general prohibition against handling large amounts of currency and the filing of a CTR is required regardless of the reasons for the currency transaction unless a waiver has been filed which is common for business accounts that consistently deposit or withdraw large amounts of cash on a daily basis.

For more information visit fincen.gov or contact FinCEN?s Regulatory Helpline at (800) 949-2732



Read more at Suite101: Currency Transaction Report: What are Currency Transaction Reports? Also known as a CTR http://personalbudgeting.suite101.com/article.cfm/currency_transaction_report#ixzz0woB41d2P

 

[Terryray]

OOps! You right boss!

I was wrong again! :142smilie

I read the IRS form wrong and thought boxes checked for "types of transactions" (what you presented the cash for) was used for aggregating the "cash".

So I got it wrong, "cash" must be "currency or coin" as you said....


more interesting details:

The requirement to report cash transactions over $10K between anybody, including individuals or banks, is a separate activity and form (8300) from the CTR.

But the two are linked in certain cases--you can get out of filing the 8300 form if you deposit a check drawn from a bank, because the bank that issued the check already did a CTR on it (assuming cash was presented to get check).

Here's a list of all the types of currency reporting required now by the US gov't
http://www.irs.gov/compliance/enforcement/article/0,,id=113003,00.html

 

[gardenweasel]

the taxing and regulation(i.e. "fees"..think of your cable t.v. bill and all the b.s. charges you see on it))of internet gambling money is an untapped resource for our cash strapped federal gov`t....

they`re gonna tap into it in the near future....whether it be via legalization or some other form of thievery...