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fastfred
Old Hand



Registered: 05/17/04
Posts: 6,899
Loc: Dark side of the moon
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Re: Depositing illegally acquired cash into bank account [Re: Diploid]
#6872202 - 05/04/07 01:00 PM (16 years, 8 months ago) |
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Thanks for that list Diploid. Very interesting. I get the feeling that Australia knows a lot more about it's citizens than US banks do.
A lot of stuff on that list is kinda silly. That list probably worked better way back when tellers might actually have a clue of who you are or what you do. Most of the stuff on the list is fairly normal banking activity anyway.
Personally, I know I would have a shit-fit if a teller ever asked me anything other than "How would you like that?" or "Checking or savings?" I would seriously raise some hell at that bank if they even asked. It's none of their business. I've been conversational with the tellers many times during transactions (some kind of odd and semi high dollar) and they've never once asked any personal questions about my transactions. I actually knew one teller fairly well and would chat with him for several minutes each time. He never once inquired about anything other than chit-chat questions.
I think that there's a lot of crazy behind the scenes BS going on, but most of the things mentioned here are just paranoia. We're worrying about the wrong things IMO.
-FF
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fastfred
Old Hand



Registered: 05/17/04
Posts: 6,899
Loc: Dark side of the moon
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Re: Depositing illegally acquired cash into bank account [Re: fastfred]
#6872322 - 05/04/07 01:44 PM (16 years, 8 months ago) |
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> No, we look for both, and a host of other things. > Im telling you we write applications that look for so many things and compare and crunch so much data its insane.
I think you're probably just generating a bunch of garbage data then. (no offense) Doing that probably just makes it easier for illegal transactions to slip by since you're creating such large lists of "suspicious activity".
People are not very susceptible to analysis by algorithms. They're not robots. Many people have completely erratic banking behavior, and everyone makes a few strange transactions now and again.
Besides, so what if you have a stack of SARs a mile high? The IRS might care if you have massive amounts of unreported income. The FBI might care if they think that you're involved in big-time money laundering. Otherwise there's not really anything to worry about. If banks start sending in SARs for smaller amounts or even patterns that don't add up to big dollars the IRS or FBI is just going to send them straight to the shredder. They don't have time to look at low dollar SARs generated from the 300 billion people in the US.
> I could swear some of the algorithms are designed specifically to target even small time dealers.
I'd like to hear more about that... But the idea is just plain ridiculous. Besides the near impossibility of doing it, most dealers don't even use banks. They don't withdraw several thousand to buy a pound, sell it, deposit the cash, then withdraw money again to re-up.
Besides you could never get a warrant based on bank transactions like that, so why would they even bother looking at them?
> Cash is being fazed out, as are checks now.
No way. That will NEVER happen. In fact, the number of US dollars in circulation has increased steadily since 1930. That's not just population increase either. The amount of cash per capita almost doubled from 1990-2000.
Despite the insane rate of increase in electronic transactions people posses more cash per person now than they ever have. The US treasury prints $698 million dollars EACH DAY. There is over $2,000 dollars in cash for every man, woman, and child in the US. In 2006 8.2 billion paper currency notes were printed.
> How can we faze out cash completely and still have anonymity?
There are many schemes around. You can use eGold.com to use precious metals for transactions. There are also various ideas about how to use cryptography to produce electronic currency. The idea is to produce etokens than can be traded around and redeemed without any central system. It's a good idea, but a long ways off.
-FF
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mycologyslutbag
Stranger
Registered: 11/27/06
Posts: 17
Last seen: 12 years, 5 months
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Re: Depositing illegally acquired cash into bank account [Re: fastfred]
#6872367 - 05/04/07 01:59 PM (16 years, 8 months ago) |
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Thanks FF,
Can one raise suspicion if they deposit work checks into an account, and never touch it except for large finances (car, mortgage, etc)? It's possible to use cash for so many things, is there ever suspicion raised if you Don't at all tap into your account. I mean you could always say you live off of your sugar momma. And am I correct that you should absolutely do major finances with your legally backed up money? Will it raise suspicion when buying a car if the car is one of the only things you've withdrawn money for?
I'm very interested in the idea of electronic money which could give one anonymity, cause I know we'll always need it. There are far too many legal goods and services which people have full justification to demand anonymity when procuring them. I brought up simple poker, or going to a stripclub and spending without a trail, do you believe we'll have effective anonymous electronic ways to gamble with money or do you think this is the type of niche cash will survive in?
Edited by mycologyslutbag (05/04/07 02:05 PM)
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fastfred
Old Hand



Registered: 05/17/04
Posts: 6,899
Loc: Dark side of the moon
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Re: Depositing illegally acquired cash into bank account [Re: mycologyslutbag]
#6872475 - 05/04/07 02:39 PM (16 years, 8 months ago) |
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I don't think it would be any sort of problem. You could also deposit reasonable sums on top of it without being suspicious. It would probably be best to use a savings account to do what you suggest. People don't often spend from a savings account, they just save money and put it in there. And when people do withdraw from a savings account it's usually in larger chunks.
If you're ever asked you can make up any excuse you want, they're all reasonable. I got a sugar momma, I'm a kept man, my parents support me, I live off an inheritance, I have a scholarship, I'm a hermit, I live in a trailer I own, etc.. If you're going to tell it to the IRS you should have an excuse that is unverifiable or will stand up. If the bank ever asked me I would say "My personal finances are none of your business," if I was in a good mood. Otherwise I would be really pissed if they tried to pry into my personal life.
It's a good idea to deposit your checks in the bank so that you can prove the source of the money. If you want cash you can always go to the bank it's drawn on and cash it there with minimal hassles.
You've got the right idea about buying things... Never, ever use illegal cash to buy any item with a title. Cars, boats, houses, etc.. If it has a title it's a known, trackable asset and the IRS will know about it if they ever care to check.
I know a guy who showed up to a dealership with a briefcase full of cash to buy a car. He knew someone at the dealership so he thought things would go smoothly. As soon as he opened the briefcase they said "Are you crazy, I can't do that!" and pointed him straight out the door. They told him that they were doing him a favor because most places will take the cash, but have to report it right away and then you end up in big trouble.
Even if you have the cash the best thing to do is to finance any large purchases. If you have legal cash like you were talking about then you can pay cash if you want. If you get a loan for a car you can then spend as much as you want because once it's broken down into small payments there's not much they can say about it. Even someone with no reportable income can usually come up with a couple hundred bucks to make a loan payment. Even if you car is $50,000 they can't pin you for ever having had a large sum of cash.
As far as anonymous electronic money... I think it will start to be used a bit more often. But it's going to take a long time to really catch on. Cash is still alive and well all over the world. There is nothing easier to use or more widely accepted than the US dollar. It's not going to die out in our lifetimes. The US would have a really hard time eliminating cash even if they made it their number one priority. The US dollar is the most respected and accepted form of money in the world. You can spank down US money in any country in the world and it is gladly accepted. In quite a few countries it's even preferred to their own currency amongst the people. No other country or form of money can claim that level of acceptance.
Another thing people forget about is that using plastic, checks, money orders, wire transfers, western union, etc. all costs money. Either you or the buyer is throwing money away just for the privilege of making the transaction. Cash doesn't have this problem. Checks are a major hassle both to write and to accept and you don't even know if they're good or not. A lot of places have minimum purchase amounts for plastic or charge a surcharge. Cash is just never going to go away.
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Beekly
Beaker

Registered: 12/05/14
Posts: 9
Last seen: 8 months, 25 days
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Re: Depositing illegally acquired cash into bank account [Re: butane]
#27076785 - 12/07/20 09:10 AM (3 years, 1 month ago) |
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IDK if it is applicable, but I have always felt the best things to spend illegal cash on is higher education and qualifications, parties, drugs, and tattoos, as if you ever get caught, they cannot take those things away, and to bury it in containers in the yard or hide it in relatives attics, but don't put all your eggs in 1 basket. Bury it in a time capsule, and it would be good to have a rainy day fund you just need to dig up. Maybe buy gold with it if your country uses paper money and bury that. But if you have that plastic money it helps like Canada and Australia (I think).
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