At 3:52 PM -0800 2/2/98, Black Unicorn wrote:
At 06:07 PM 2/2/98 +0000, Attila T. Hun wrote:
I did-- tried to lay $14K out for a Mercedes (25 years ago). they wouldnt take it. so I went and picked up two $7K cashiers from two different banks. same thing with a pair of Lycoming IO540 aircraft engines: 2 8s and a 9 --stay under the $10K transaction.
Careful. This may well be illegal now. Structuring transactions to avoid reporting requirements is a felony.
Some of the reporting requirements have been changed last year from $10,000 to $750. Check out <http://jya.com/fc052197-3.htm>
May 21, 1997
SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') is proposing to amend the regulations implementing the Bank Secrecy Act to require money transmitters and their agents to report and retain records of transactions in currency or monetary instruments of at least $750 but not more than $10,000 in connection with the transmission or other transfer of funds to any person outside the United States, and to verify the identity of senders of such transmissions or transfers. The proposed rule is intended to address the misuse of money transmitters by money launderers and is in addition to the existing rule requiring currency transaction reports for amounts exceeding $10,000.
-- Marshall Marshall Clow Adobe Systems <mailto:mclow@mailhost2.csusm.edu> Warning: Objects in calendar are closer than they appear.