[Cryptocurrency]At what amount does a bank look into a cash deposit? (LocalBitcoins)

I know it's been mentioned that there's a number where they look into it. Is it $2500? or?


Comments


[4 Points] CookyDough:

Note: I'm talking USA banks only here:

$10,000 deposited in cash and/or money orders trigger the bank having to file a Cash Transaction Report (CTR) to the Treasury Dept's FinCEN for review. An investigation can be launched over this, but they get a ton of these, so they probably triage them into large amounts.

Also, the banks individually must file internal reports for cash deposits of $3,000 or more for their internal records to give up immediately if the IRS/DEA/FBI/LEAs come to them requesting records on an account's bank activity. These are all saved for such events.

There is another kind of report that must be filed directly with FinCEN called a Suspicious Activity Report (SAR) which is pretty arbitrary. If the banker/teller suspects something is weird (you look funny to him/her, your cash at any amount smells of marijuana, you ask a lot of questions about reporting requirements, etc, etc, very subjective stuff), they are required by law to file a SAR on you and submit it to the FinCEN. Any of these reports getting sent to FinCEN can initiate an investigation.

If you deposit 9,999, you have successfully avoided the filing of a CTR on you/your account, but you WILL have a SAR filed on you that could down the road lead to a "Structuring" charge that basically says you tryed to evade the CTR report, so you are charge with doing that. So, don't do that, especially not in topped out, just below reporting requirement numbers like 9,999.99 dollars = SAR filed immediately.

By law, the bank can't tell you they are filing any of these reports. This is all under the Banking Secrecy Act of 1970. Kinda funny thing about that is that they set the level in 1970 at 10k cash auto-CTR filing. 10k in cash in 1970 is equivalent to ~$50,000 today even by rigged ass BLS numbers. So, if they'd written the law with a floating inflation clause, the CTR reporting requirement would be a bit above 50k you could plop in your bank account without a care in the world (except for any kind of SAR they might file on you for a range of reasons).

The good news is the Treasury Dept is innundated with SAR filings, and to a lesser degree CTR filings. They don't even have the man power to follow up on most of them and a lot of them are not in any way involved in criminal activity. They've just been reported because the law says they have to report it.

edit: I guess I should mention, Money Service Businesses (MSB's) like your local check cashing store and money order issuer , Moneygram, Western Union, etc, are regulated by FinCEN as well, but their CTR reporting requiremnets are much lower, like $2,000 if I recall correctly.


[2 Points] nsgiad:

10k is the hard limit, altho banks can file a suspicious activity report for less (usually around 5k) or so.


[1 Points] robinbankx:

Dude just get an online wallet and then tumble.


[1 Points] mynamebazac:

Anything over 9999


[0 Points] R4ID:

depends on the region/country, i know certain $ amounts = the bank has to fill out a form for the IRS... pretty much anything over 1000$ i would avoid or break up over several weeks/days. for local bitcoins imo just go meet in person if possible (least paper trail possible) if u can do it that is... also dont quote me about the 1000$. its an arbitrary number i made up in my head as a safety net sorta rule