Biden admin backs down on tracking bank accounts with over $600 annual transactions

toddnjoyce

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… I'll look like a tax cheat. I won't be a tax cheat but I'll definitely look like one.
And that’s my problem with this proposal; pretty much everyone begins to look like a criminal for ordinary behavior.

ETA: it’s the communist version of being strong on crime and turn businesses into snitches
 

Sam7sf

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I think the end is near. What’s another decade or drawing a line in the sand with democrats? Next thing you know we operate like Australia.

Crypto currency is a neat idea but when a government doesn’t have any rules or ethics to know what they want about you, I firmly believe nothing any of you do online will be secret. I consider what Snowden leaked to be the tip of the iceberg. You know darn well they can watch us and hear us anytime they wish. Ditch technology where you can. Deal in cash when you can. The less they and the irs know the better.
 

SQLGeek

Muh state lines
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Yes, but people should keep in mind that structuring cases can cover multiple days. If you move $9K every day, then you're probably structuring. If the bank notices, they'll report it via a mechanism other than a CTR. But even if they don't notice it, you're probably still structuring and the case can be made.

Correct. CTR is just one specific report based on an arbitrary threshold. While structuring is less defined, if the bank detects what they say is structuring activity, they'll submit a Suspicious Activity Report to FinCEN.

They will get you coming or going.
 

toddnjoyce

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… if the bank detects what they say is structuring activity, they'll submit a Suspicious Activity Report to FinCEN.
You can say the say thing about red flag SARs, too. Those are the ones that scare me because i know for a fact I’ve had reportable CTR transactions in the past and I’ve probably had stuff the looked like structuring but was normal money movement and I’ve definitely done that should trip Red Flag criteria.

It scares the shît out of me how much raw surveillance .gov offloads to banks and financial services companies.
 

SQLGeek

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It scares the shît out of me how much raw surveillance .gov offloads to banks and financial services companies.

It should. They outsource this shit and then fine the banks to the tune of billions of dollars if they don't do it just right. As you might have guessed, I worked in this industry for a while. It's a fucking shitshow when it comes to identifiable information handling.

The profiles these banks build on their customers under the guide of KYC is simply disturbing. And they have to or they risk losing their charter / getting fined into oblivion.

There's a reason I haven't updated my income and other info with my banks unless absolutely necessary.
 

TheDan

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Just about anyone who pays rent or a mortgage out of primary checking account is gonna hit the 10K limit. Most folks have a mortgage or rent over 835 dollars a month
Well that depends. You can give your landlord cash, crypto, PMs, chickens, handjobs, etc... If your mortgage is held by a bank with a local branch you could potentially make a cash payment directly to your mortgage without hitting a savings or checking account.
 

ZX9RCAM

Over the Rainbow bridge...
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And here I thought it was only about "receiving" money amounting to 10k.
 

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