Accused Of Money Laundering By Officials.

Really, I think you need to change banks.

The amounts you were selling at shouldn't trigger anything unless there are some kind of (weird) state requirements that are different from federal rules. I would suspect that someone inside your bank (system or branch) was pretending to be you and doing even bigger transactions without you getting reports on it. If it was something internal to the bank, you'll never hear about it.

It used to be that a cash transaction of $10,000 or more required some kind of paperwork (Or something to that effect. Anyway, the trigger was $10K) and that may or may not have changed (like increasing with inflation), but I don't know. I was always told that was to try to track illegal cash transactions. If I were a crook laundering cash, though, I certainly wouldn't be reporting activity over $10K. And, yes, I get it --- multiple $9K transactions can, in theory, get around this. At what point, though, does some organization's "right" to track these transactions outweigh the individual's right to do business? Having to deal with some organization's unfounded accusations (that IS what is going on here, no matter how they spin it) costs the small businessman $$$. This is almost equivalent to DNA testing every man in the neighborhood of a rape victim. This has been attempted and the courts have deemed this an unreasonable invasion of privacy. If there is evidence of an actual crime, then investigate. Numerous small sales to various places around the country/world (ON ebay, NO LESS) is hardly evidence of a crime. It is called "doing business via the ebay model". If banks cannot understand that, then they don't have a reasonable understanding of the economy in the 21st century.

As an aside: do these organizations really have the luxury of all this idle time which they can devote to rooting out the details of what I expect to be 99+% good, honest commerce????

Perhaps the bank has previously taken a hit from the Government and is now being a bit too "proactive"?

Multiple $9000 transactions made close together don't get around the federal rule, perhaps unless you are a friend of a bank manager. I know of someone paying delinquent payments and penalties to the IRS who did this and was charged and convicted of money laundering.

If your bank is crazy, change banks. There are online-only banks.

Many reasons to keep this bank of mine in play. We save on insurance big time. A $500,000 house & contents + other insurance items is very costly etc.

In our area of around 10km or 9 miles radius our bank has closed 4 banks. Cut staff to the max. We have to travel for 11/2hrs to get to the nearest bank now. The bank workers all look like they are on edge. Looking like they will be next to loose their jobs.

Now they have to pass my tests. Will do a video on my phone with both our business fully covered. From here I will be talking business etc big time. Have a lot of business issues for this meeting.

Some of the best things that have happened to me come out of situations like this. We will wait and see how they respond to the businesses seen on our video. In the same video I also want our car number plate and we can start at the mail box and walk into the businesses from there as well. All they have to do is google the front of our house as per their address info. Will see what happens.

All;
we have gone thru everything except the,(ready?)
SEC 7 dealing with holds, and forced reserves.
you have already agreed to this factor of a percent held in reserve and forced as a hold.
I am waiting for the items sold overseas to see all the impacts as the conversion rate and the vat. total is almost 5% for a us to other countries transaction.
o well....

Sorry for reviving this thread. Anyone had any such problems recently?

No, but TD Bank just paid a 3 billion dollar fine for laundering cash.

https://www.cnn.com/2024/10/10/inve...d%20Thursday.

Good thing we don't have to deal with SEC. That one can be really problematic.

Well I have heard everything now. I would go find me another bank to do business with first. Then I guess, I have a few choice words for them before my departure.

There are SEC whistleblowers, did you know that? You can easily be one, if you want it. It's all explained here: https://www.jdsupra.com/legalnews/a...ers-5114788/