On Sat, 16 Oct 2021 13:31:35 -0000 (UTC), "Adam H. Kerman"
Post by Adam H. Kerman
The law simply makes all transactions "suspicious transactions". There
are reporting requirements for transactions of at least $5,000 in
aggregate and special record keeping for funds transfers of $3,000 or
more and an obligation upon the bank to report cash deposits over
$10,000. The crime of structuring itself is breaking up transactions so
that they appear to be under the reporting threshold.
Now, I have no idea if the proposed new reporting requirement is being
done as an amendment to the Bank Secrecy Act or a separate reporting
regime. It's probably the latter.
So if I - a non-US storekeeper who gets much of my stock from the US -
makes a purchase in the $1000-5000 range, have them shipped to a UPS
outlet near the Canada - US border, drive down to Blaine, WA (usually
about an hour's drive but these days with border hassle and fees about
twice that) and usually with 3 or 4 shipments per trip in that $ range
all of which is declared at Canada Customs on crossing the border
heading northbound - can expect to be on somebody's records somewhere
though presumably with a long enough record of such transactions to
avert serious suspicion?
(This scenario is something pre-covid we did twice a month, currently
5-6 weeks with more vendors' shipments included. HINT: we do this as
it makes commercial sense to do so which should tell you plenty about
US UPS rates and fees. During the summer I got one vendor to quote
Illinois - northern WA and Illinois - Vancouver,BC.CA and got shipping
rates of $16 and $98 and the latter rate did NOT include customs
brokerage which we do ourselves on trips like the one described above.
On another shipment which came by truck from upstate NY, they kept it
in a warehouse for a week and charged us an extra $400 on a $5000
shipment which in connection with our other fees was more than our
markup on the shipment!