Kraig Biocraft Laboratories Inc (KBLB)

[SUNYN75]

Yankee,

Awesome clarification and DD. Banking officials must be involved on both ends of money transfers.

Currency Transaction Report

While you can make large transfers depending on your bank’s policy, the bank must report wire transfers over $3,000 and any transaction over $10,000. These Currency Transaction Reports (CTRs) are filled out, usually electronically, by the bank and forwarded to the Financial Crimes Enforcement Network (FinCen). Failure to fill out this report can result in regulatory action, including fines and sanctions, against the bank. The bank is responsible for filling out the report, but it does not have to inform the customer unless he or she requires such information. There is no illegality in making a large transfer as long as a CTR is properly submitted.

Suspicious Activity Reports

While there is no penalty for having to report a large transaction with a CTR, the bank must complete a Suspicious Activity Report (SAR) if it detects any attempt at deception or wrongdoing. For example, if a customer reduces his request for a transfer from $10,000 to $9,500 after being informed of the CTR, the lender must proceed with the original request and transfer $10,000. If the customer cancels the transfer entirely, the bank representative must still complete an SAR.

Bank representatives are trained to identify any pattern that might be associated with money laundering or avoiding a CTR. For example, suppose a customer makes multiple $5,000 deposits totaling $50,000 over a period of 15 days. If that activity is out of the ordinary for that particular account, an SAR is warranted. An SAR must be filed with FinCen within 30 days of the suspicious activity, or the bank is subject to fines and sanctions.

https://budgeting.thenest.com/us-bank-transfer-limits-32363.html

Regards

Sunny:>)))