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

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  • Sam7sf

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    10   0   0
    Apr 13, 2018
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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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    4   0   0
    Sep 22, 2017
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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

    Muh state lines
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    Sep 22, 2017
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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

    deplorable malcontent scofflaw
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    8   0   0
    Nov 11, 2008
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    Austin - Rockdale
    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.
     

    toddnjoyce

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    Interesting, and confusing.
    There's no tax consequences on outgoing money.

    When your sending money, somebody is receiving it. The receiver is responsible for correctly reporting it. By surveilling the transaction, the receiver can be looked at for tax evasion and the sender looked at for various types of fraud.
     

    ZX9RCAM

    Over the Rainbow bridge...
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    2   0   0
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    Well, all my purchases are done with a credit card, and it is paid by transferring money from the bank which issued it.

    May be a stupid question, but how does the IRS get in between that?
     

    toddnjoyce

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    Well, all my purchases are done with a credit card, and it is paid by transferring money from the bank which issued it.

    May be a stupid question, but how does the IRS get in between that?

    How? If the bank refers the activity because they are required to. Until the proposal is final law and the rule is promulgated, lots of unanswered questions.

    How I think about is why should a company be forced to do more surveillance and reporting to the government?
     

    benenglish

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    7   0   0
    Nov 22, 2011
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    You can give your landlord ... handjobs, etc.

    With thinking like that, you could start a production studio.

    Oh. Wait. That's already been done. :)

    Serious note to folks who might not know - Yes, there's such a thing as "real estate porn." I was as surprised as anyone when that stuff started becoming popular.

    As always, Rule 34 applies.
     

    busykngt

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    0   0   0
    Jun 14, 2011
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    “Services rendered” wouldn’t cut it for me; I’d still need “cash on the barrelhead”!


    ...but I might could see my way clear to a small discount (for the right service, of course).
     
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