From: Mike Topalovich <TOPALOVICH@terraglyph.com>
Date: Thu, 26 Dec 1996 10:03:17 -0800 (PST)
To: "'cypherpunks@toad.com>
Subject: RE: Legality of requiring credit cards?
Message-ID: <c=US%a=_%l=TGIEXCH-961226180536Z-2523@TGIEXCH.terraglyph.com>
MIME-Version: 1.0
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>True.  But when I was a wetback bank teller making $6.50 an hour, I didn't
>fill out any forms I didn't have to.  Come to think of it, you have to fill
>out a CTR when you purchase a bank check or money order for only $3,000 or
>more in cash.  I forgot about that.
>
>Just a side note to show how effective these CTRs have to be...when I worked
>at a bank many moons ago, we would receive calls from the IRS pertaining to
>CTRs that we had filled out 8 or 9 months before...I would find that very
>encouraging if I were laundering money on a temporary basis.  You get the
>money moved, skip town, and you still have a good 6 month head start before
>the IRS even has a notion to catch on.
>
>Mike
>
>----------
>From: 	dlv@bwalk.dm.com[SMTP:dlv@bwalk.dm.com]
>Sent: 	Tuesday, December 24, 1996 12:41 PM
>To: 	cypherpunks@toad.com
>Subject: 	RE: Legality of requiring credit cards?
>
>Mike Topalovich <TOPALOVICH@terraglyph.com> writes:
>> It's not necessarily because you are paying with $100 bills.  The IRS
>> requires banks and other businesses to report all cash transactions
>> exceeding $10,000 by means of a Currency Transaction Report (CTR).  This
>> is a way for the IRS to track money laundering.  There happens to be two
>> lines on the form asking for the number of $50 and $100 bills, but those
>> lines are optional.
>
>They're supposed to report "suspicious" cash transactions under 10K too.
>
>---
>
>Dr.Dimitri Vulis KOTM
>Brighton Beach Boardwalk BBS, Forest Hills, N.Y.: +1-718-261-2013, 14.4Kbps
>
>