Stopped in motor home for going too slow on I-80
This just goes to show how things can escalate to a huge problem when you are just driving along minding your own business. Kinda hard to believe this goes on. Motor home stopped for going too slow
Forum Discussion
PF&PM wrote:
Here in Kanada, a couple years ago I sold a truck . The buyer paid cash. I went to deposit some in one account and the rest (9000) in another. The bank required me to fill out and affidavit and swear an oath in front of a manager of the bank. I questioned all this and they told me it was a new law (that wasn't made public) snuck in by the federal government to help fight drug gangs. I think next time I'll just keep the cash and never mind depositing it !
The US has had that law for decades. Here if you deposit or withdraw more than $10k in cash from a bank the bank must fill out a Cash Transaction Report and send it to the IRS. As long the money is legal you have nothing to worry about. What happens is people start doing what is called structuring deposits in order to avoid the CTR. And that is illegal and it's actually possible to turn otherwise legal money into illegal money when you do that, because trying to avoid a CTR is a crime regardless of where the money came from. What most people don't realize is if they would just put the money in the bank and let the bank fill out the CTR odds are nobody would ever pay attention to it. Tens of thousands of CTR's are generated every day and they just go to archives. But if you structure a deposit and cause a CTR to be generated, every single one of those is going to be reviewed by a committee of people to determine if more follow up is needed.
