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- Thread starter Dell Husker
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Fixed it for you.
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As much as I hate agreeing with Jim, he's kinda right. There are different reports and one is a bit more discretionary. I don't remember the names of em right now though. But I don't think it'd take much to get a Bama fan banker to not file certain ones that are discretionary.In the U.S., for example, a bank must notify FinCEN, the bureau of the Treasury that deals with financial intelligence and AML, if a customer carries out a transaction or series of transactions of more than $10,000 in cash.
Prepaid cards' dark underbelly hides potential financial sector pain
Prepaid debit cards serve a host of legitimate purposes globally, including helping individuals excluded from mainstream finance. But the cards are also used by criminals, leaving a trail of regulatory, governance and other risks.www.spglobal.com
Don't shoot the messenger. Maybe laws have changed but they were doing this for a while. I got the shady recruiting info from a few different sources. Including a mutual friend of ours whose kids played football with some Alabama Transfers. One Alabama Transfer asked his new teammates who he was supposed to go to in order to get the Pre-Paid Debit Cards. He was shocked to find out the players & their families weren't greased with those.
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OU used to(still might) give their players bags of casino chips and had them go cash them at the casino right by the campus. Pretty smart.In the U.S., for example, a bank must notify FinCEN, the bureau of the Treasury that deals with financial intelligence and AML, if a customer carries out a transaction or series of transactions of more than $10,000 in cash.
Prepaid cards' dark underbelly hides potential financial sector pain
Prepaid debit cards serve a host of legitimate purposes globally, including helping individuals excluded from mainstream finance. But the cards are also used by criminals, leaving a trail of regulatory, governance and other risks.
Don't shoot the messenger. Maybe laws have changed but they were doing this for a while. I got the shady recruiting info from a few different sources. Including a mutual friend of ours whose kids played football with some Alabama Transfers. One Alabama Transfer asked his new teammates who he was supposed to go to in order to get the Pre-Paid Debit Cards. He was shocked to find out the players & their families weren't greased with those.
All of that is when you are depositing 10k cash. I've audited banks. They make you fill out paperwork when you deposit more than 10k. However, if you deposit 9k one day and then 9k tomorrow at a different branch. 9k a few days later, etc the bank still tracks that information and it's usually worse because you're obviously trying to hide something by not filling out the paperwork. Those transactions also get reported and it's usually the FBI that shows up at your door asking for clarification.In the U.S., for example, a bank must notify FinCEN, the bureau of the Treasury that deals with financial intelligence and AML, if a customer carries out a transaction or series of transactions of more than $10,000 in cash.
Prepaid cards' dark underbelly hides potential financial sector pain
Prepaid debit cards serve a host of legitimate purposes globally, including helping individuals excluded from mainstream finance. But the cards are also used by criminals, leaving a trail of regulatory, governance and other risks.
Don't shoot the messenger. Maybe laws have changed but they were doing this for a while. I got the shady recruiting info from a few different sources. Including a mutual friend of ours whose kids played football with some Alabama Transfers. One Alabama Transfer asked his new teammates who he was supposed to go to in order to get the Pre-Paid Debit Cards. He was shocked to find out the players & their families weren't greased with those.
Buying a prepaid card depends how you do it. If you walk into a bank with 10k cash then yes all the same rules apply. If you buy a prepaid card for 10k with your account at that same bank or with a credit card that doesn't require any paperwork. If they ask you just say you're going on vacation or whatever.
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We’re talking about a banking system that creates fake customer accounts to drive up revenue? Just have to have the right bank and accountants.
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Mistakes were made
The auditors would have to be in on it too and banks have no shortage of auditors. FDIC, external CPA, etc. If I as the auditor came in and saw several transactions of cash deposited for $9,999 and no reporting was d9ne on any of them some heads about to roll.
Again doesn't mean John Booster didn't transfer money from his account to prepaid cards for 10k. He just couldn't walk in with cash to do it and it wouldn't matter if it's $9,999 or $15k. Bank would still probably ask him why he's doing it and get a signature to cover their ass so he couldn't later come back and say someone stole his money.
Really tough for the auditors to catch that. We would send negative confirmations with banks. Negative just means the customer only responds if something is wrong.
If you got a letter in the mail saying we want you to look at your 3 accounts at this bank at this date. This one has $5,487, this one has $856, this one has $0. If everything is correct don't do anything. Only reply if this information is wrong.
If the two accounts with money in them are correct and the third is one that was set up in your name that you didn't do with $0. How likely are you to respond that you don't know what that account is? How likely are you to even read it in the first place?
Also wasn't really about the bank revenue. It was the sales people getting bonuses/commissions for setting up new accounts. In total that brought in 2 mil revenue on about 80 billion annually. Like you finding a quarter on the street.
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Jim should be kicked in the nuts as punishment
A bit harsh but accepted.
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Princewill Umanmielen 2023 Strongside Defensive End Nebraska
Princewill Umanmielen - 4 Star Strongside defensive end for Nebraska on InsideNebraska
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Running it back to the early T-Magic era with this one. Elite speed, can barely complete a forward pass.
He's only had 38 attempts in 219 snaps. Averages over 7 yards a carry.
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I just remember watching him against LSU and there’s not a chance he touched 50% passing.
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