Government Cracks Down On Cash Withdrawals
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The Law A 1970 anti-money-laundering law known as the Bank Secrecy Act spells out the rules for large cash withdrawals. In general, banks must report any transaction exceeding $10,000 in cash. That includes not only withdrawals but also deposits, currency exchanges (such as swapping dollars for euros or Japanese yen) and the purchase of traveler's checks. The law also requires banks to check identification on any transaction that would trigger a report. In other words, even if your bank doesn't usually ask for ID with withdrawals, it must do so for withdrawals over $10,000. Aggregate Withdrawals Under the law, all transactions carried out at an institution within a single day count as a single transaction, and all branches of a bank count as a single institution. So if you went to your bank in the morning and withdrew $5,000, then went to a different branch in the afternoon and took out another $5,000, the combined transactions would trigger a report to the IRS.
In addition, if the bank has reason to believe a series of transactions are related, even if they're not on the same day, the bank is obligated to file a report. If you come into the bank every day for a week and withdraw $8,000, you could expect the bank to file a report. Structured Transactions Banks must also report transactions that are less than $10,000 when they believe that the dollar amount of those transactions was specifically chosen to avoid triggering the Bank Secrecy Act. Federal regulations refer to these as 'structured' transactions. Withdrawing $9,990 will probably raise a red flag as a potentially structured transaction. In fact, any transaction, regardless of the amount, that the bank deems suspicious can trigger a report. Exceptions to the Rule The law makes a few exceptions.
Government Cracks Down On Cash Withdrawals From Atm
When It’s a Crime to Withdraw Money From Your Bank. Making repeated four-figure cash withdrawals from his bank in order to avoid the generation of cash transaction reports, which banks are. The government has taken restrictive measures limiting cash withdrawals abroad as foreign exchange reserves unexpectedly fell below the $3 trillion level in January for the first time in nearly six years.
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