knoxxsouthy wrote:
Jophed,
I'm not sure they do. Say I open 10 different accounts in nashville, 10 in atlanta, 10 in charlotte, well you get the picture. As long as you don't open them all the same day I wouldn't see where the feds would be able to keep track of it.
Quote:
If I recall correctly, banks are required to report deposits of greater than $10,000 to the IRS. I'm sure they had a method in place to keep you from opening forty bank accounts of $9,999.00 as well
I'm not sure they do. Say I open 10 different accounts in nashville, 10 in atlanta, 10 in charlotte, well you get the picture. As long as you don't open them all the same day I wouldn't see where the feds would be able to keep track of it.
The feds are always able to "keep track of it", post-Patriot Act. Deposits over ten grand just set off red flags, paperwork gets filed and, potentially, investigation ensues.
Anyway, if you really want to launder money you just need to have property. Open a line of credit based upon your equity built and make sure all your payments are less than ten grand. It's good because every time you pay it down it becomes available again, and you don't end up with some teeming bank account you can't explain.
And honestly, I could find a half-eaten baby in the satchel along with the money, and I'd still keep it. The money, that is. My appetite demands whole babies.