When it comes to transfering money, or making large deposits or withdrawals, is there an amount which draws the unwanted attention of regulators? (those watching for drug or mob money, money laundering? Is the amount based on per week, per month, per year, per transaction?
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My guess is that if its all legit you have nothing to
worry about,if its not i would worry about cross
reference systems that would flag you.
Even the swiss are supposedly opening up their
records. -
boaderbloke . . . all of the above.
Cdn regulators are on high alert for money laundering. All personal in the equity and commodity brokerage businesses are required to stay vigilant and trained in spotting suspected laudered funds.
$10,000 or more plus frequency of smaller amounts and pathways may be monitored.
When opening either a personal or corporate trading account, all parties involved are clearly identified to meet stict Cdn money laundering regulations.Comment
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$10,000 ??? geezes, I thought the figure was around $40-50,000 !
Thanks for responding guys.Comment
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I believe the $10,000 figure applies to cash withdrawals and deposits. Not cheques or EFT's.Comment
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There are ways around it, just take $9999, But
who really cares, its not illegal to want your own
money nor deal in cash, the legal currency. No
worry!Comment
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all CASH AND 'EFT in/out of Canada'
transactions over 10000.00 have to be
reported to FINTRAC. More details here:
http://www.rcmp-grc.gc.ca/poc-pdc/launder-
blanchim-eng.htmComment
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