Interesting People mailing list archives
Re: hoist with his own petard
From: David Farber <dave () farber net>
Date: Thu, 13 Mar 2008 11:17:52 -0700
________________________________________ From: ed.biebel () gmail com [ed.biebel () gmail com] On Behalf Of Ed Biebel [edward () biebel net] Sent: Thursday, March 13, 2008 2:08 PM To: David Farber Subject: Re: [IP] Re: hoist with his own petard One clarification on the points below as I worked for several banks over the years. The CTR and SAR are only filed on transactions in cash. If you brought in $10,000 in cash, we'd file a CTR. If you brought in a check for $10,000 (or $1,000,000,000), no CTR. The explanation given to us was that non-currency transactions by their nature (credit card, wire transfer, check, money order, etc.) created a paper trail that documented that source and recipient of all money transfers. Currency had no such inherent paper trail and the CTR and SAR were designed to create that papertrail for transactions that might be indications of crimes (primarily failure to pay taxes). So if Gov. Spitzer had paid by credit card, I'm not sure that transaction would have received the same scrutiny. Credit card transactions for several thousand dollars aren't uncommon, especially among people that using the cards for business expenses. Ed
In the United States, the Bank Secrecy Act (1970) requires the filing of a currency transaction report (CTR) for transactions of $10,000 or more. Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report. Title 31 of the United States Code, section 5324, provides (in part):
------------------------------------------- Archives: http://www.listbox.com/member/archive/247/=now RSS Feed: http://www.listbox.com/member/archive/rss/247/ Powered by Listbox: http://www.listbox.com
Current thread:
- hoist with his own petard David Farber (Mar 12)
- <Possible follow-ups>
- Re: hoist with his own petard David Farber (Mar 12)
- Re: hoist with his own petard David Farber (Mar 13)