Title (thelemmy.club)
submitted 4 months ago* (last edited 4 months ago) by to c/lemmyshitpost@lemmy.world
 
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[–] 30 points 4 months ago (8 children)

People like Al Capone would have a few things to say about unverified sources of wealth in any form. Pretty sure if I show up at a car dealer with a briefcase of bills it'll raise a few questions too.

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  • [–] 24 points 4 months ago

    Yet another way society is biased against the poor. A rich guy shows up with a briefcase full of money and nobody bats an eye, it's just another day. A poor guy shows up with a briefcase full of money and then suddenly everyone starts asking questions, and if he doesn't have good enough answers he might get thrown in jail.

    What if I mowed a rich guy's lawn and he gave me a really big tip? No, I don't remember his name. No, I didn't keep the address. It was over there somewhere, go that way, it's the big house with the mown lawn. You'll find it, just keep looking...

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  • [–] 5 points 4 months ago (5 children)

    US law requires any cash transaction of $10,000 or more be reported to the IRS/Treasury Dept. to include the federal tax ID # of both parties/entities, and the deposit accounts involved.

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  • [–] 10 points 4 months ago (4 children)
  • [–] 9 points 4 months ago (2 children)

    Structurization.
    I know someone who worked in a software company that developed algorithms and systems for banks and gambling to detect these.

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  • [–] 2 points 4 months ago (1 child)

    Yep.

    Literally pulling out $9,999 instead of $10,000... that in and of itself is a crime, even if you're not actually doing anything funny with it.

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  • [–] 1 point 4 months ago

    Not necessarily, it's a crime to deposit 9999 instead of 10 and not report. When I worked at a bank anyone who knew what they were doing and deposited 8-9k in cash got the form. People who found out and then did anything else? You get a form. People who walk out? They get a surprise notice from the fbi later.

    Basically if the bank thinks you might be close we just give you the form and you don't get to say no anymore.

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