Assume someone transfers more than $10,000 from their checking account to the brokerage account by ACH over the internet. Will this be reported as a CTR transaction?
Assume someone transfers more than $10,000 from their checking account to the brokerage account by ACH over the internet. Will this be reported as a CTR transaction?
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Unfortunately yes. Bank software is designed to automatically report any transactions that is more than $10000. What's worse is they are not required to tell you that they have created a CTR filling unless you ask them for it directly. On top of that the trigger is not based on one transaction most of the time they are triggered based on the combined transaction in one day to one location.
Why do you need to evade a CTR report for a brokerage account?
Super rare nowadays. Cause the Shariah court in Malaysia is very strict when they give permission one of the requirements is they must financially be able to sustain the wives.
Though my Grandfather who is Chinese had 3 wives. But this was before Malaysia became a sovereign nation in 1957.
ACH debits and credits don't trigger CTR or SARs. There is no need to as they already create a paper trail. Agree with others above, if you pay your taxes CTRs are no threat. Zillions of them get created and in a sense your willingness to do them shows you aren't trying to hide anything. It gives you some amount legal cover in case something bad happens later. (like cash seized or you're accused of money laundering just for having a bankroll).
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