Incoming wires of over $10,000 USD's to the Banking Supervisory when the wires originate from a financial institution in the United States? Do the banks in DR and the Supervisor to the Banks think that due diligence was not completed to the origin of the funds by the U.S. Banks before they were deposited? So they think there could be illicit funds in U.S. Banks? It seems a bit questionable to me these supposed 'anti-money laundering' provisions and more intended for countries outside the DR. Anybody have further insight to these legal provisions? Thank You.
- Thread starter AndyGriffith
- Start date
Why Are DR Banks Having To Report....
It is what it is.
It takes the trauma of just one $10,000+ transfer to realize there are better ways to get money from outside the country. You have to jump through hoops to prove the origin of the funds.
I suppose it's a necessary evil for large purchases. But many find out several $9,000 transfers are less heartburn than one $10,000+ transfer.
It takes the trauma of just one $10,000+ transfer to realize there are better ways to get money from outside the country. You have to jump through hoops to prove the origin of the funds.
I suppose it's a necessary evil for large purchases. But many find out several $9,000 transfers are less heartburn than one $10,000+ transfer.
Exactly....Absurd hurdles....And truly tells me that it has more to do with the origin countries than the DR. Read into that statement and you will know of what I speak. Careful with the under $10,000 wires. You have to spread them out over time or they come in and hand you the "Structuring-Laddering" yellow-red card. Moreover, a bank in DR that will remain unnamed here just slapped a percentage fee on savings accounts for deposits made in cash to savings accounts in USD's. Wow-Gee! I wonder why they would do that! Truly, the little guy has a lot working against them in this corrupted world we live in.
Seems to be a worldwide regulation..... the over $10,000 rule
Remember... 2 people travelling can have $20,000 between them.
The rule is OVER $10,000 but it might be wise to be under as CB suggests.
When we were building, I sent the funds to the lawyer in SD and avoided all the hassle.
The law firm then issued a check in Sosua to my builder.
So, if you have friendly lawyer.....
WW
Remember... 2 people travelling can have $20,000 between them.
The rule is OVER $10,000 but it might be wise to be under as CB suggests.
When we were building, I sent the funds to the lawyer in SD and avoided all the hassle.
The law firm then issued a check in Sosua to my builder.
So, if you have friendly lawyer.....
WW
Coming into the US one family cannot have more than $10,000 between them without declaring it. For example if you are with your wife and you are caught with more than $10,000 between you they will take it from you.
After all the US is the "land of the free".
That is only if you don't declare it first and pay the tax. You can bring has much money as you want in as a family so long as the amount over the statute of $10,000 is declared on the customs form. However, you are correct in that if it is not declared and they find that amount over $10,000, say bye bye to that money.
You have to plan your cash needs well in advance.
It's a good idea to have some strong documentation for the origin. I once had to provide a certified closing statement for a business I sold.
I've had $$$ go into The Black Hole of Money Transfer for well over a week. A call to trace from the bank in the states got the money "found" within an hour each time.
That's one of the downsides of living in the DR.
If you declare it be prepared for at least two hours of grilling from the authorities. If you have a connecting flight you will miss it.
Better to bring checks or less than the limit with you.
Key word is "If". Good luck on that one. Just keep your mouth shut and don't declare anything.
The Bank Supervisory has been requiring DR-based banks to report all transfers of US$10,000 or more for over 10 years -- whether all banks have been following it or not in every case since may be a separate issue (they can be penalized if the authority ever finds out that they have not done so), but I know the one at which my wife worked for as internal auditor certainly did. The Supervisory also requires banks to report people who regularly or consistently transfer in or out just under the US$10,000 threshold, on the theory that this is being done by people to dodge the rule. These are anti-money laundering rules that OECD nations, particularly the US, insisted on.
And since the U.S. Tax Code is based from citizenship vs. residency, you know exactly why they (The U.S.) insist on enforcing these supposed 'anti-money laundering rules' worldwide. An attempt to slow and stem the tide of outgoing capital.
Actually, judging from the State Dept. briefings I attended back in the 1980s when the US was first trying to rally the OECD to support them on this push, they originally seemed more concerned about tracking drug money. And of course finding clues to tracking tax evaders. :cheeky:
Ask yourself why there is such a litany of investment going on within Real Estate in the DR. From the failure to maintain a proper interest on money to the 'money laundering rules', the answer is an obvious one. Of course, the local Gvt. and IMF love the transfer taxes.
Oh I never claimed it stopped money laundering (heck, I've known the country long enough and lived there long enough to know better!), or that the government wasn't finding a way to capitalize on the rules. Was just responding as to what was the original explicit rationale [vs. the unspoken one(s)].:cheeky:
Actually, banks in the US have been tracking $3000 transactions for years (MIL). AND, they are given discretion to report even lower amounts (SAR) ... meaning that if they think that the way you look doesn't fit with the amount of money involved, they have to report/track it. That's one of the reasons that places like Western Union have such low limits on what you can send.
Bank Secrecy Act
-------------------------------------
If you put a lobster into boiling water, he knows he's being cooked. But drop him into cold water, then slowly bring it to the boiling point, and he won't know what happened ....
Bank Secrecy Act
-------------------------------------
If you put a lobster into boiling water, he knows he's being cooked. But drop him into cold water, then slowly bring it to the boiling point, and he won't know what happened ....
reply
Careful !!! There are also structuring laws in the United States. This means if "they" decide that you sent your wires in such a structured way to avoid having a report of over $10,000 generated on you then they can put you in prison or fine you lots of money.
I heard a true story of a judge who with tears in her eyes had to sentence a poor lad for sending out several wires for $5,000 a piece since it seemed that he was doing this to avoid the over $10,000 limit that would have generated a report on his activity.
Remember, there is a war on freedom going on all over the world. Consider the laws carefully before you act. It is best to close all accounts in the U.S. anyway and maintain your bank accounts outside of the U.S.
Swinging the Sword of Freedom, Spartacus :rambo:
Careful !!! There are also structuring laws in the United States. This means if "they" decide that you sent your wires in such a structured way to avoid having a report of over $10,000 generated on you then they can put you in prison or fine you lots of money.
I heard a true story of a judge who with tears in her eyes had to sentence a poor lad for sending out several wires for $5,000 a piece since it seemed that he was doing this to avoid the over $10,000 limit that would have generated a report on his activity.
Remember, there is a war on freedom going on all over the world. Consider the laws carefully before you act. It is best to close all accounts in the U.S. anyway and maintain your bank accounts outside of the U.S.
Swinging the Sword of Freedom, Spartacus :rambo:
that's Crap.
why the "poor Lad" would get in trouble for such???
if the money He send's to anywhere on the Globe is Clean money with appropriate taxes paid he can send every day 1 million bucks to make a Chula somewhere happy.
the same for the small amounts sendings, as long as Your sended money is clean you may get asked to proof the 'cleaniness', but you can send it to where ever you want.
mIKE