Re: [MV] Reality Check

From: Buzz Szarek (buzz@toast.net)
Date: Thu Mar 09 2000 - 06:27:12 PST


*This message was transferred with a trial version of CommuniGate(tm) Pro*
In the obvious absense of Mr. Kyle...

Let's keep to the MV topic.

Just a friendly reminder...

-=-
----- Original Message -----
From: Patricia Gibbons <wa6ube@tactical-link.com>
To: Military Vehicles List <mil-veh@uller.skylee.com>
Sent: Wednesday, March 08, 2000 9:13 PM
Subject: Re: [MV] Reality Check

> *This message was transferred with a trial version of CommuniGate(tm) Pro*
> Actually, the $10,000 reporting situation involves
> more than just the IRS .. There is a real-time currency
> transfer monitoring system that is referred to as "Fin-Cen"
> and it's purpose is to flag suspicious transactions that
> may be related to drug money or money laundering operations
>
> For more information on real-time monetary transaction tracking
> see the following links:
>
> <http://www.ustreas.gov/fincen/>
>
> <http://www.securitymanagement.com/library/goodtest.txt>
>
> <http://teaminfinity.com/~ralph/FinCEN.html>
>
> <http://www.oberlin.edu/~brchkind/cyphernomicon/chapter11/11.4.html>
>
> Patricia Gibbons - mailto:wa6ube@tactical-link.com
>
> ----- Original Message -----
> From: Mel Miller <nourmahal@worldnet.att.net>
> To: Military Vehicles List <mil-veh@uller.skylee.com>
> Sent: Wednesday, March 08, 2000 8:48 AM
> Subject: [MV] Reality Check
>
>
> > *This message was transferred with a trial version of CommuniGate(tm)
Pro*
> > KBDewey 42GPW wrote:
> >
> > Something you guys failed to notice is that when a person withdraws or
> > deposits ten thousand dollars or more the bank is required to report
> > this transaction ........
> >
> > KB is correct. I did not mention this twist to the transaction when I
> > recommended a wire transfer to a correspondent bank in the sellers city
> > for reasons of safety.
> >
> > Any time $10,000 or more in cash is deposited or withdrawn from a
> > financial institution in the United States, the teller enters the
> > transaction as a 'Large Currency Transaction' and it is eventually
> > transmitted to the IRS along with the persons name, the date, and his or
> > her social security number. The seller in this case is not required to
> > give any information to the buyers bank. His financial institution would
> > only have to comply with this regulation if he deposited the money in
> > chunks of $10,000 or more.
> >
> > This procedure should not affect our buyer in this instance, for
> > although the IRS might eventually question the buyer about why he
> > withdrew $40,000 in cash, his bill of sale, copy of the old and new
> > title and registration, and a peek in the barn at the 'Green Greyhound'
> > should clear up any questions. They can then go and pester the
> seller......
> >
> >
> > Drive On!
> > Mel Miller
> > Former Federal Financial Institutions Examiner
> > M725
> >
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