Guys I am in a panic right now, spent part of the afternoon reading about banking laws and reporting.
Hopefully someone can ease my concerns, as the more I look at my self I look like a money launderer.
How does one constantly pay or collect from a local with cash without drawing attention from their bank?
Let's say hypothetically:
I play in cash only and often big sums. I am up more than down and have made cash deposits each time.
I just read online some reporting laws I knew nothing about and compared the checklist to my local checking account and I would be definitely causing some red flags to go off.
Never more than $10K at once but based on what I read today about "staggering", which I did not knowingly do the fact that frequent transactions where less than $10K makes me sound more suspicious.
I was not aware of this issue and others should know and plan in advance.
I did not and now worry I may get a knock on my door any day now.
My local bank has to think I am a criminal the more I think about it.
This has nothing to do with taxes I still have until April to figure that out but how would one find out if their bank has reported me to the authorities?
Hopefully someone can ease my concerns, as the more I look at my self I look like a money launderer.
How does one constantly pay or collect from a local with cash without drawing attention from their bank?
Let's say hypothetically:
I play in cash only and often big sums. I am up more than down and have made cash deposits each time.
I just read online some reporting laws I knew nothing about and compared the checklist to my local checking account and I would be definitely causing some red flags to go off.
Never more than $10K at once but based on what I read today about "staggering", which I did not knowingly do the fact that frequent transactions where less than $10K makes me sound more suspicious.
I was not aware of this issue and others should know and plan in advance.
I did not and now worry I may get a knock on my door any day now.
My local bank has to think I am a criminal the more I think about it.
This has nothing to do with taxes I still have until April to figure that out but how would one find out if their bank has reported me to the authorities?