From: Duncan Frissell <frissell@panix.com>
Date: Sat, 27 Jul 1996 14:19:31 +0800
To: cypherpunks@toad.com
Subject: Re: Why the world needs privay protecting Ecash
Message-ID: <2.2.32.19960727041849.008b50f0@panix.com>
MIME-Version: 1.0
Content-Type: text/plain


At 12:05 PM 7/27/96 -0700, Timothy C. May wrote:

>If Alice uses her U.S. VISA card to make many cash withdrawals at ATMs in
>Zurich, Lichtenstein, Geneva, London, etc., are there any U.S. requirements
>that she obtain and fill out reports (in triplicate) on these transactions?
>Suppose the cumulative ATM transactions hit the magic $10,000 level?

It might be hard to get an ATM card that lets you take out $10,000/day.  I
suppose a VISA card or a Debit card might allow that amount.

Form 4790 Report of International Transportation of Currency or
Monetary Instruments available at:
ftp://ftp.fedworld.gov/pub/irs-pdf/f4790.pdf

Says:

A TRANSFER OF FUNDS THROUGH NORMAL BANKING PROCEDURES WHICH DOES NOT INVOLVE
THE PHYSICAL TRANSPORTATION OF CURRENCY OR MONETARY INSTRUMENTS IS NOT
REQUIRED TO BE REPORTED.

Form 4789 The Currency Transaction Report available at:
ftp://ftp.fedworld.gov/pub/irs-pdf/f4789.pdf 

Says:

"Currency.-The physical transfer of currency from one person to another.
This does not include a transfer of funds by means of bank check, bank
draft, wire transfer or other written order that does not involve the
physical transfer of currency."

I guess an ATM is a machine and not a person.  But these are the
instructions not the regs.

The form doesn't have to be filed by individuals only by financial
institutions. An ATM doesn't involve the bank giving you cash unless you are
using the ATM machine at your own bank.  I remember seeing some regs that
did mention ATM transfers but can't recall specifics.  Usually, they figure
that they have the "paper trail" anyway through your normal bank records. 

DCF