Those of You That Use 3rd Party Payment, Read This.

[Darkpriest667]

If you don't think they know how to track you...

Start finding some of this guy's info...

https://www.youtube.com/channel/UCYVU6rModlGxvJbszCclGGw

Id pay 1000 dollars to whoever can find my actual wallet and not the shell wallets I have :-)

And again, if you never know the other party's name and you only h ave a wallet address that's all you have is a wallet address. I mean people have been using it for drugs and slaves for over a decade. Especially with anon coins like monero.

I'll give you an example you might refer to. For instance what happened here --

Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid Fines – Regulation Bitcoin News

A South Korean province has seized crypto worth over $5 million from 1,661 people who were more than $12 million in arrears on their fines.

news.bitcoin.com

How did they get them? They held their coins on exchanges, which ARE tracked especially in the united states as the SEC has authority. But individual wallets. hell if you can track individual wallets good luck you can probably figure out who Satoshi is!

 

[Rhino]

Id pay 1000 dollars to whoever can find my actual wallet and not the shell wallets I have :-)

And again, if you never know the other party's name and you only h ave a wallet address that's all you have is a wallet address. I mean people have been using it for drugs and slaves for over a decade. Especially with anon coins like monero.

I'll give you an example you might refer to. For instance what happened here --

Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid Fines – Regulation Bitcoin News

A South Korean province has seized crypto worth over $5 million from 1,661 people who were more than $12 million in arrears on their fines.

news.bitcoin.com

How did they get them? They held their coins on exchanges, which ARE tracked especially in the united states as the SEC has authority. But individual wallets. hell if you can track individual wallets good luck you can probably figure out who Satoshi is!

None of us peons have that data, but then I'm not a threat to you, either. The people you probably are worried about, or should be - if they can track McAfee, I guarantee you they could trace your stuff down, if and when they want to.

 

[TheDan]

 

[toddnjoyce]

I don’t use paypal

 

[Lonesome Dove]

Another reason Cash is KING!

 

[ZX9RCAM]

How does one confirm taxpayer status?

 

[toddnjoyce]

How does one confirm taxpayer status?

Fûck that noise.

 

[Axxe55]

How does one confirm taxpayer status?

If I'm not mistaken, you can apply for a tax ID number.

 

[Sam7sf]

if they can track McAfee, I guarantee you they could trace your stuff down, if and when they want to

This.

 

[Axxe55]

I stopped using PayPal years ago. Never had anything bad happen to my account, and I had it set up to simplify transactions on Ebay. But I was reading way too many horror stories about PayPal that it made me less confident in using them.

 

[gdr_11]

The new requirements apply only to goods and services. Personal transfer of funds do not have to be reported. I do not sell anything on ebay anymore and when someone wants to pay for one of my Craigslist or other marketplace items with PayPal or Venmo, I typically say no unless they specifically mark the payment as Friends/Family or as a gift.

If you have a relative that you are say buying a piece of furniture for and they are sending you the money on Venmo, make sure you tell them to not mark the transaction as "bed purchase" or something like that. You want to avoid anything that goes to identifying the transactions as purchase of goods or services.

For the lawn guy mentioned earlier, a weekly or monthly payment could just be noted as a donation or something similar.

 

[seeker_two]

The new requirements apply only to goods and services. Personal transfer of funds do not have to be reported. I do not sell anything on ebay anymore and when someone wants to pay for one of my Craigslist or other marketplace items with PayPal or Venmo, I typically say no unless they specifically mark the payment as Friends/Family or as a gift.

If you have a relative that you are say buying a piece of furniture for and they are sending you the money on Venmo, make sure you tell them to not mark the transaction as "bed purchase" or something like that. You want to avoid anything that goes to identifying the transactions as purchase of goods or services.

For the lawn guy mentioned earlier, a weekly or monthly payment could just be noted as a donation or something similar.

Just mark them "Bribe to Democrat politician". They won't even blink....

Sent from my SM-G715A using Tapatalk

 

[toddnjoyce]

The new requirements apply only to goods and services. Personal transfer of funds do not have to be reported. I do not sell anything on ebay anymore and when someone wants to pay for one of my Craigslist or other marketplace items with PayPal or Venmo, I typically say no unless they specifically mark the payment as Friends/Family or as a gift.

If you have a relative that you are say buying a piece of furniture for and they are sending you the money on Venmo, make sure you tell them to not mark the transaction as "bed purchase" or something like that. You want to avoid anything that goes to identifying the transactions as purchase of goods or services.

For the lawn guy mentioned earlier, a weekly or monthly payment could just be noted as a donation or something similar.

1. It’s not a requirment yet, it’s legislative proposal, so what’s going to be impacted and at what transaction threshold(s) is undecided.

2. What you’re describing as options are exactly the the types of transactions being targeted by this proposal…unreported income. Through enough transactions like that, a case ca be built for wire fraud and/or tax evasion.

3. The lawn mower guy recurring donation scenarios is known as structuring and is subject to anti-money laundering surveillance.

 

[HKSig]

I only use Paypal for buying; I closed one business account, buy may still have another one. Someone disputed a legitimate charge; Paypal refunded them and imposed a fine, even though I gave Paypal proof that it was legitimate.

 

[gll]

PayPal, Credit Card... I mostly buy online, so if they really care what I buy, I'm f'ed..., but then, most of us are, either this way or by some other. I just hope we all have the rectitude to stand up when they come down.

 

[benenglish]

3. The lawn mower guy recurring donation scenarios is known as structuring and is subject to anti-money laundering surveillance.

I doubt anybody spends enough per year on the lawn guy to meet the Law Enforcement Manual minimum threshold for initiating an investigation into the way they make payments. LEM IV and LEM V set fairly high numbers for that sort of thing.

Of course, if the lawn crew requires payment from everyone in that fashion, then the lawn company is subject to investigation. It's not a fruitful way to find fraud, though, which is why so many lawn crews still just collect the $25 their customers leave under the front door mat and do that for everyone.

Personally, I assume my lawn guys report every cent of that money as income. And that they never employ anyone who isn't in the country legally.

 

[toddnjoyce]

I doubt anybody spends enough per year on the lawn guy to meet the Law Enforcement Manual minimum threshold for initiating an investigation into the way they make payments. LEM IV and LEM V set fairly high numbers for that sort of thing.

Of course, if the lawn crew requires payment from everyone in that fashion, then the lawn company is subject to investigation. It's not a fruitful way to find fraud, though, which is why so many lawn crews still just collect the $25 their customers leave under the front door mat and do that for everyone.

Personally, I assume my lawn guys report every cent of that money as income. And that they never employ anyone who isn't in the country legally.

I doubt it as well, and should have prefaced that with an example. Either way, what a bank can refer to fincen based on red flags is pretty low (at least according our policies).

ETA: while a bit dated, here’s an example of a bunch of non-threshold SARs resulted in a structuring charge.

https://www.fincen.gov/sites/default/files/case_example/Issue13-story3.pdf

 

[mad88minute]

Automation can easily flag patterns for human review.

Yeah it will look like this

GunBroker
GunBroker
Academy
Midway USA
GunBroker

Flagged!

Sent from my moto e6 using Tapatalk

 

[ETH77]

Yeah it will look like this

GunBroker
GunBroker
Academy
Midway USA
GunBroker

Flagged!

Sent from my moto e6 using Tapatalk

Nah, more like, gunbro- flagged!

 

[avvidclif]

I stopped using PayPal years ago. Never had anything bad happen to my account, and I had it set up to simplify transactions on Ebay. But I was reading way too many horror stories about PayPal that it made me less confident in using them.

I still use them for buying only. I never gave them access to any checking account. If a person insists on F&F then I offer to pay the fees to get the protection offered.