Legal Question in Banking Law in Georgia
have a customer that was told that she would need to keep her investment purchases under ten thousand per transaction or it could throw up red flags at her bank. If so, can she make multiple purchases at any time as long as she stays under 10k?
1 Answer from Attorneys
The IRS and various federal regulatory agencies, to prevent money laundering and tax evasion, require banks to report many transactions. One of the requirements deals with transactions over a 10K threshold amount. Banks are also supposed to report a pattern of multiple transactions under that amount that appear to be designed to avoid that reporting. It sounds to me like the person discussing the requirements is seeking to violate the law, and I should caution you and them that there are serious consequences for doing that.
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