Quote:
Originally Posted by swanny
I believe if you transfer more than $10,000 overseas it raises flags for the govco. I get this from my elderly neighbour who got divorced, and discovered chinese hookers. They are constantly transferring money back home to family, but always in less than $10k lots.
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Having worked for a major bank for many years l'll try and clarify a little here without going into too too much detail.
AML laws or Anti Money Laundering does not only just look at amounts of over $10K but rather
patterns in transactions also, or anything that could raise a flag - even if you conduct totally legal business or general banking. Yes amounts over $10K must to be reported to Austrac but lesser amounts can still place you on the radar depending on what internal systems the bank or financial institution uses - some more sophisticated than others. It's not just human bank workers who process physical transactions, there is sophisticated software at play. And it affects all sorts of transactions - not just international transfers. Example: Your granny here in Australia gifts you $10K and you walk into the bank and deposit it - you have just been reported. The teller may just casually ask you something that sounds like general chit chat like "it's a good feeling to be able to deposit this to your savings" or whatever - in the hope that you give them some info which is added to the the report sent to Austrac. It's then up to Austrac to investigate further. Finally, Austrac = Gov.
Oh, and a sure fire way to get on the radar quick fast is to deposit amounts just under $10K. Of course it's fine if you conduct legit business or banking. At some point in time most of us will have a report sent anyway, example: when you buy a home, pay deposit, sell a home, buy a car, transfer largish amount of funds for those much needed car mods from your preferred tuna
A lot of this info is publicly available so it's no secret.