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Can I split a $20,000 deposit into two $10,000 deposits to avoid the CTR paperwork?
I heard that banks file a report if you deposit more than $10,000 in cash. My foreign-owned LLC just received a $20,000 cash payment from a client. I was thinking of depositing $10,000 today and $10,000 tomorrow to avoid the hassle of the extra paperwork. A friend told me this might be illegal but that sounds ridiculous. It is my money from a legitimate sale. Can the government really tell me how to deposit my own money? What is the worst that could happen?
Related Questions
What is the Bank Secrecy Act and how does it affect my foreign-owned LLC?
I recently formed a single-member LLC in Delaware as a non-resident from the UK. My accountant mentioned something about the 'Bank Secrecy Act' and said I need to be aware of it as a foreign owner. I thought this was only for banks? My LLC is an e-commerce business selling digital products. Does BSA really apply to me, or is my accountant being overly cautious? I want to understand what obligations I actually have before I start processing payments through my U.S. bank account.
Do I need an AML compliance program for my foreign-owned single-member LLC?
I own a consulting LLC in Wyoming as a Canadian citizen. A friend who works in banking told me I need an 'AML compliance program' for my LLC. I looked this up and it seems like something only banks and financial institutions need. My LLC does marketing consulting for U.S. clients and I invoice them monthly. Do I really need a formal AML program? What would that even look like for a one-person consulting LLC? I do not want to spend thousands on compliance if it is not actually required for my business type.
What KYC documents do I need to open a U.S. bank account for my foreign-owned LLC?
I am a Brazilian citizen who just formed an LLC in Florida. I have my EIN from the IRS and my Articles of Organization from the state. I tried to open a business bank account at Chase but they asked me for a ton of documents I was not expecting. They wanted my passport, a utility bill from Brazil, proof of my address in the U.S. (I do not have one), and something called a 'certificate of good standing.' They also asked about the nature of my business and expected transaction volumes. Is this normal? It felt like an interrogation. What documents should I have ready so the next bank does not reject me?
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