Proof for wire transfer
Jan 24th 2001, 12:33 am
#1
Guest
Posts: n/a
Hello,
I was wondering if someone could shed a light on the request from the Canadian bank to
provide it with the information on the source of funds (tens thousands) transferred from
my country of origin. They just put my funds "on hold" until I provide them with the
requested information. I'm not sure if my rights as a canadian resident (or privacy
rights) is not violated in this case. I landed in Canada early in January 2001.
Thank you.
I was wondering if someone could shed a light on the request from the Canadian bank to
provide it with the information on the source of funds (tens thousands) transferred from
my country of origin. They just put my funds "on hold" until I provide them with the
requested information. I'm not sure if my rights as a canadian resident (or privacy
rights) is not violated in this case. I landed in Canada early in January 2001.
Thank you.
Jan 24th 2001, 1:58 am
#2
Guest
Posts: n/a
Don't know about your rights. I think, they are trying to prevent money laundry.
Generally, I don't think it is a good idea to have leagal arguments as the first steps in
your new country. I would try to talk to them and explain the situation or show them
documents which would explain where that money comes from. If it does not work try to
change the bank. What bank is it?
John
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
Generally, I don't think it is a good idea to have leagal arguments as the first steps in
your new country. I would try to talk to them and explain the situation or show them
documents which would explain where that money comes from. If it does not work try to
change the bank. What bank is it?
John
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
Jan 24th 2001, 4:29 pm
#3
Guest
Posts: n/a
There is indeed a law requiring you to account for large fund transactions such as this
because of concern for money laundering. You will have to comply - sorry. Jim Humphries
Alex wrote:
>
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
because of concern for money laundering. You will have to comply - sorry. Jim Humphries
Alex wrote:
>
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
Jan 25th 2001, 2:11 am
#4
Guest
Posts: n/a
You may try doing the transaction in $3000 and $7000 or any other dollar combination and
it would not pose a problem. It happened to me at a local bank in Chicago, IL but the bank
teller assisted me (3000 & 7000) with that and informed me abt the criteria for fin
institutions - any transaction(s) over $10,000 has to be reported.
A. M. Baloch, CPA (in transit)
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
it would not pose a problem. It happened to me at a local bank in Chicago, IL but the bank
teller assisted me (3000 & 7000) with that and informed me abt the criteria for fin
institutions - any transaction(s) over $10,000 has to be reported.
A. M. Baloch, CPA (in transit)
> Hello,
>
> I was wondering if someone could shed a light on the request from the Canadian bank to
> provide it with the information on the source of funds (tens thousands) transferred from
> my country of origin. They just put my funds "on hold" until I provide them with the
> requested information. I'm not sure if my rights as a canadian resident (or privacy
> rights) is not violated in this case. I landed in Canada early in January 2001.
>
> Thank you.
Jan 25th 2001, 4:10 am
#5
Guest
Posts: n/a
I don't know about the US, but in Canada it's illegal for the bank teller to break a
transaction of over 10 000$ into several smaller ones to help the client avoid filling out
the "Source of Funds" form. It also does not change anything if the client himself decides
to break a large transaction into smaller ones. Whenever it exceeds 10 000$ the bank has
to fill that form out. Also it's worth noting that by law, if there's a suspicion of money
laundering, "Source of Funds" form must be completed even if the amount is under 10 000$.
Max
> You may try doing the transaction in $3000 and $7000 or any other dollar combination and
> it would not pose a problem. It happened to me at a local bank in Chicago, IL but the
> bank teller assisted me (3000 & 7000) with
that
> and informed me abt the criteria for fin institutions - any transaction(s) over $10,000
> has to be reported.
>
> A. M. Baloch, CPA (in transit)
>
> > Hello,
> >
> > I was wondering if someone could shed a light on the request from the Canadian bank
> > to provide it with the information on the source of funds (tens thousands)
> > transferred from my country of origin. They just put my funds "on hold" until I
> > provide them with the requested information. I'm not sure if my rights as a canadian
> > resident (or privacy rights) is not violated in this case. I landed in Canada early
> > in January 2001.
> >
> > Thank you.
> >
> >
transaction of over 10 000$ into several smaller ones to help the client avoid filling out
the "Source of Funds" form. It also does not change anything if the client himself decides
to break a large transaction into smaller ones. Whenever it exceeds 10 000$ the bank has
to fill that form out. Also it's worth noting that by law, if there's a suspicion of money
laundering, "Source of Funds" form must be completed even if the amount is under 10 000$.
Max
> You may try doing the transaction in $3000 and $7000 or any other dollar combination and
> it would not pose a problem. It happened to me at a local bank in Chicago, IL but the
> bank teller assisted me (3000 & 7000) with
that
> and informed me abt the criteria for fin institutions - any transaction(s) over $10,000
> has to be reported.
>
> A. M. Baloch, CPA (in transit)
>
> > Hello,
> >
> > I was wondering if someone could shed a light on the request from the Canadian bank
> > to provide it with the information on the source of funds (tens thousands)
> > transferred from my country of origin. They just put my funds "on hold" until I
> > provide them with the requested information. I'm not sure if my rights as a canadian
> > resident (or privacy rights) is not violated in this case. I landed in Canada early
> > in January 2001.
> >
> > Thank you.
> >
> >
Jan 28th 2001, 3:25 am
#6
Guest
Posts: n/a
Yes, I agree with you as I am not familiar with Canadian laws. Suspicion can lead to other
issues. Thank you for pointing that out.
> I don't know about the US, but in Canada it's illegal for the bank teller to break a
> transaction of over 10 000$ into several smaller ones to help the client avoid filling
> out the "Source of Funds" form. It also does not change anything if the client himself
> decides to break a large transaction into smaller ones. Whenever it exceeds 10 000$ the
> bank has to fill that form out. Also it's worth noting that by law, if there's a
> suspicion of money laundering, "Source of Funds" form must be completed even if the
> amount is under 10 000$.
>
> Max
>
> > You may try doing the transaction in $3000 and $7000 or any other dollar combination
> > and it would not pose a problem. It happened to me at a
local
> > bank in Chicago, IL but the bank teller assisted me (3000 & 7000) with
> that
> > and informed me abt the criteria for fin institutions - any
transaction(s)
> > over $10,000 has to be reported.
> >
> > A. M. Baloch, CPA (in transit)
> >
> > > Hello,
> > >
> > > I was wondering if someone could shed a light on the request from the Canadian bank
> > > to provide it with the information on the source of
funds
> > > (tens thousands) transferred from my country of origin. They just put
my
> > > funds "on hold" until I provide them with the requested information. I'm not sure if
> > > my rights as a canadian resident (or privacy rights)
is
> > > not violated in this case. I landed in Canada early in January 2001.
> > >
> > > Thank you.
> > >
> > >
> >
> >
issues. Thank you for pointing that out.
> I don't know about the US, but in Canada it's illegal for the bank teller to break a
> transaction of over 10 000$ into several smaller ones to help the client avoid filling
> out the "Source of Funds" form. It also does not change anything if the client himself
> decides to break a large transaction into smaller ones. Whenever it exceeds 10 000$ the
> bank has to fill that form out. Also it's worth noting that by law, if there's a
> suspicion of money laundering, "Source of Funds" form must be completed even if the
> amount is under 10 000$.
>
> Max
>
> > You may try doing the transaction in $3000 and $7000 or any other dollar combination
> > and it would not pose a problem. It happened to me at a
local
> > bank in Chicago, IL but the bank teller assisted me (3000 & 7000) with
> that
> > and informed me abt the criteria for fin institutions - any
transaction(s)
> > over $10,000 has to be reported.
> >
> > A. M. Baloch, CPA (in transit)
> >
> > > Hello,
> > >
> > > I was wondering if someone could shed a light on the request from the Canadian bank
> > > to provide it with the information on the source of
funds
> > > (tens thousands) transferred from my country of origin. They just put
my
> > > funds "on hold" until I provide them with the requested information. I'm not sure if
> > > my rights as a canadian resident (or privacy rights)
is
> > > not violated in this case. I landed in Canada early in January 2001.
> > >
> > > Thank you.
> > >
> > >
> >
> >
