Quote:
Originally Posted by Bedroom Eyes
I don't believe they're legally allowed to make comments or question you directly.
Posted via RS Mobile |
Actually all financial institutions are required under the Proceeds of Crime (Money Laudering) and Terrorist Financing Act to determine the source and use of funds for large cash transactions from their clients.
$10,000 or > cash transaction, it is mandatory that a report be completed, information completed on this report include your name, address, phone numbers, ID, SIN, DOB, employment info, source and use of funds and amount deposited.
If someone deposits smaller amounts that total $10,000 or more within a 24 hour period, it is also mandatory for financial institutions to complete a report. Even if you space out your deposits, say $3000 one week, $5000 next week and $1000 a few days later, even if total is under $10,000, the financial institution will likely complete a report.
All suspicious transactions/deposits will be filed to FinTRAC for review and analysis. They will go over your information and accounts and forward to RCMP or CSIS if applicable.
I'm currently rewriting our firms money laundering and anti-terrorism procedures manuals to give to staff.
If you're just making a $3,000 cash deposit in frequently, the bank won't care.