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Transferring money
All, i have read threads on money transfers and have been using UKforex in the past. we have just sold our home and i have transferred just under 120k to the US to assist with our house purchase. Will this wire transfer be alerted by the banks and will they banks see this as suspicious?? Its never as easy as you think:frown:
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Re: Transferring money
Your bank will receive the funds and credit them to your account which will, in most bank's software programs, automatically generate a CTR or CMIR. If the transaction is deeemed suspicious by a bank employee, the CTR or CMIR can be checked as suspicious and will also generate a SAR (Suspicious Activity Report). Both are filed with FinCen. Hundreds of thousands of CTRs and CMIRs are filed every day. It is the SARs which are investigated (or not!).
Don't assume because your transaction is being reported that it is suspicious; it is being reported as it is a legal requirement of the BSA. Unless you have a pattern of suspicious activity or cannot document the source of funds then you have nothing to worry about. |
Re: Transferring money
Thanks, of course we can document with the solicitors letter re house proceeds if we should need to.Goodness its a lot to worry about, just thought you could transfer money with no problem, but i guess everythinh has to be checked and triple checked these days. thanks again
Originally Posted by Orangepants
(Post 9299408)
Your bank will receive the funds and credit them to your account which will, in most bank's software programs, automatically generate a CTR or CMIR. If the transaction is deeemed suspicious by a bank employee, the CTR or CMIR can be checked as suspicious and will also generate a SAR (Suspicious Activity Report). Both are filed with FinCen. Hundreds of thousands of CTRs and CMIRs are filed every day. It is the SARs which are investigated (or not!).
Don't assume because your transaction is being reported that it is suspicious; it is being reported as it is a legal requirement of the BSA. Unless you have a pattern of suspicious activity or cannot document the source of funds then you have nothing to worry about. |
Re: Transferring money
Originally Posted by zaze
(Post 9299425)
Thanks, of course we can document with the solicitors letter re house proceeds if we should need to.Goodness its a lot to worry about, just thought you could transfer money with no problem, but i guess everythinh has to be checked and triple checked these days. thanks again
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Re: Transferring money
Do you mind me asking what exchange rate you got?
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Re: Transferring money
Originally Posted by zaze
(Post 9299365)
Its never as easy as you think:frown:
Originally Posted by zaze
(Post 9299425)
Goodness its a lot to worry about
Honestly. |
Re: Transferring money
well the transferring was easy enough with UK forex. I guess i didn't want hassle with the banks which would hold up my house sale. Thanks for all yur advice. I will keep documents as evidence of funds. I have only just heard about the FBAR reporting which is another matter totally:(.
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