Australian Politics Forum - Anyone work in the banking/financial industry?

wally1

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Anyone work in the banking/financial industry?
May 15^th, 2014 at 10:09am

Hey everyone.

Ive been hearing from alot of people that if you need to deposit cash into your bank account, you need to keep it under 10k.

I heard anything you deposit over 10k the bank notifies austrac, is this true?

Lets say hypothethicaly you put in your bank account 40-50k into your bank account in one hit, what are the consequences of this?

I know austrac manages the funds to combat money laundring,terrorism, suspiciuos activity ect but does someone have to be on the austrac database to be flagged or does austrac target all australians?

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Prime Minister for Canyons Gold Member Offline Australian Politics Posts: 26906 Canberra Gender:	Re: Anyone work in the banking/financial industry? Reply #1 - May 15^th, 2014 at 10:14am The bank says yes thank you we'll take your money.
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austranger

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Re: Anyone work in the banking/financial industry?
Reply #2 - May 15^th, 2014 at 10:15am

As I understand it any movement of money in excess of 10thou is automatically reported.
I just removed 15thou to pay for a Trike and asked the teller, she said yes, it would be, although neither of us was sure exactly who would end up with that report, perhaps the ATO? Huh

I didn't care enough to follow that up, I've got nothing to hide so it's irrelevant. Wink

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wally1

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Re: Anyone work in the banking/financial industry?
Reply #3 - May 15^th, 2014 at 10:19am

austranger wrote on May 15^th, 2014 at 10:15am:

As I understand it any movement of money in excess of 10thou is automatically reported.
I just removed 15thou to pay for a Trike and asked the teller, she said yes, it would be, although neither of us was sure exactly who would end up with that report, perhaps the ATO? Huh

I didn't care enough to follow that up, I've got nothing to hide so it's irrelevant. Wink

I think the movement out of your account is fine, but its more about putting it into your account they may make a fuss out of it.

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Doctor Jolly Gold Member Offline Australian Politics Posts: 3808	Re: Anyone work in the banking/financial industry? Reply #4 - May 15^th, 2014 at 10:19am Almost all transactions with a bank, cash or otherwise, are monitored by Anti-money-laundering software and people. They are designed to detect suspicious behavior, and will detect it across individual transactions.
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austranger

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Re: Anyone work in the banking/financial industry?
Reply #5 - May 15^th, 2014 at 10:26am

wally1 wrote on May 15^th, 2014 at 10:19am:

austranger wrote on May 15^th, 2014 at 10:15am:

As I understand it any movement of money in excess of 10thou is automatically reported.
I just removed 15thou to pay for a Trike and asked the teller, she said yes, it would be, although neither of us was sure exactly who would end up with that report, perhaps the ATO? Huh

I didn't care enough to follow that up, I've got nothing to hide so it's irrelevant. Wink

I think the movement out of your account is fine, but its more about putting it into your account they may make a fuss out of it.

It's gotta get in there to get out doesn't it? Grin

Just kidding, it was the teller who specifically used the phrase.."any movement", I merely repeated it.

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Any day with a smile in it is a good day

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wally1

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Re: Anyone work in the banking/financial industry?
Reply #6 - May 15^th, 2014 at 10:26am

Doctor Jolly wrote on May 15^th, 2014 at 10:19am:

Almost all transactions with a bank, cash or otherwise, are monitored by Anti-money-laundering software and people. They are designed to detect suspicious behavior, and will detect it across individual transactions.

But is that for transactions over 10k in one hit?

My understanding is the bank notifies austrac if over 10k.

Does that mean somebody can deposit 9k in one hit 5 days straight?

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John Smith

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Re: Anyone work in the banking/financial industry?
Reply #7 - May 15^th, 2014 at 10:30am

wally1 wrote on May 15^th, 2014 at 10:09am:

Hey everyone.

Ive been hearing from alot of people that if you need to deposit cash into your bank account, you need to keep it under 10k.

I heard anything you deposit over 10k the bank notifies austrac, is this true?

Lets say hypothethicaly you put in your bank account 40-50k into your bank account in one hit, what are the consequences of this?

I know austrac manages the funds to combat money laundring,terrorism, suspiciuos activity ect but does someone have to be on the austrac database to be flagged or does austrac target all australians?

Authorities are notified of any movement over 10k .... if you can explain where it came from, it shouldn't matter where it came from, if you can't you may find yourself in a spot of bother

I had a former business partner transfer $70k from an o'seas account to an Aussie account, 6 months later had had the ATO knocking on his door to investigate if he should have paid tax on it ... he didn't, it was all legit so that was the end of it.

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I hope that bitch who was running their brothels for them gets raped with a cactus.

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Alinta

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Re: Anyone work in the banking/financial industry?
Reply #8 - May 15^th, 2014 at 10:59am

wally1 wrote on May 15^th, 2014 at 10:26am:

Doctor Jolly wrote on May 15^th, 2014 at 10:19am:

Almost all transactions with a bank, cash or otherwise, are monitored by Anti-money-laundering software and people. They are designed to detect suspicious behavior, and will detect it across individual transactions.

But is that for transactions over 10k in one hit?

My understanding is the bank notifies austrac if over 10k.

Does that mean somebody can deposit 9k in one hit 5 days straight?

I expect the bank would probably lodge a Suspect Transaction Report to Austrac.

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Sir lastnail

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Re: Anyone work in the banking/financial industry?
Reply #9 - May 15^th, 2014 at 11:07am

wally1 wrote on May 15^th, 2014 at 10:09am:

Hey everyone.

Ive been hearing from alot of people that if you need to deposit cash into your bank account, you need to keep it under 10k.

I heard anything you deposit over 10k the bank notifies austrac, is this true?

Lets say hypothethicaly you put in your bank account 40-50k into your bank account in one hit, what are the consequences of this?

I know austrac manages the funds to combat money laundring,terrorism, suspiciuos activity ect but does someone have to be on the austrac database to be flagged or does austrac target all australians?

what about if it's payment via bitcoin ?

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Ex Dame Pansi

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Re: Anyone work in the banking/financial industry?
Reply #10 - May 15^th, 2014 at 11:08am

wally1 wrote on May 15^th, 2014 at 10:26am:

Doctor Jolly wrote on May 15^th, 2014 at 10:19am:

Almost all transactions with a bank, cash or otherwise, are monitored by Anti-money-laundering software and people. They are designed to detect suspicious behavior, and will detect it across individual transactions.

But is that for transactions over 10k in one hit?

My understanding is the bank notifies austrac if over 10k.

Does that mean somebody can deposit 9k in one hit 5 days straight?

It is $10,000 or over. Not sure who they notify, the credit union chick said "we have to notify the government', I said in that case I will deposit $9,900, she said "we have to notify them anyway now since you first wanted to deposit $10,000, I said "I'd like to withdraw all my money and close my account with you" and that's what I did.

I don't know about $9,000 for five days in a row. Different accounts? maybe a bit less over a longer period. Maybe shuffle it a bit, take some back out then add more. I would be real careful if you don't want big brother prying into your business.

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andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....

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