Patriot Act and Bank Secrecy Act

[cisole]

Information on Special Restrictions and Exchange Forms

Furthermore, no one knows if there will be any restrictions placed on the exchange of the currency. It is possible that there may be extensive verification requirements from potential exchange customers as to the origin of their Iraqi Dinars. Banks in the United States do not accept large amounts of cash from individuals or companies who cannot verify their cash deposit is from a legitimate non-criminal source. Similarly, it is very likely that currency exchange dealers will have additional authentication requirements before they can accept the Iraqi Dinar for exchange. Many people don’t realize that you can’t just deposit even $100,000 US dollars in cash in a U.S. bank without significant scrutiny as to the non-criminal origin of the funds---the Patriot Act and Bank Secrecy Act will not allow it.

http://www.dinarbanker.com/information-articles/iraqi-dinar-exchange-after-revaluation-guide.html

So us that bought from eBay sellers without a registered Treasury document will have problems then? In my case buy 25k notes over time for the last few years adding up to several million with no certificates (only eBay receipts).

[Solarcloud]

Information on Special Restrictions and Exchange Forms

Furthermore, no one knows if there will be any restrictions placed on the exchange of the currency. It is possible that there may be extensive verification requirements from potential exchange customers as to the origin of their Iraqi Dinars. Banks in the United States do not accept large amounts of cash from individuals or companies who cannot verify their cash deposit is from a legitimate non-criminal source. Similarly, it is very likely that currency exchange dealers will have additional authentication requirements before they can accept the Iraqi Dinar for exchange. Many people don’t realize that you can’t just deposit even $100,000 US dollars in cash in a U.S. bank without significant scrutiny as to the non-criminal origin of the funds---the Patriot Act and Bank Secrecy Act will not allow it.

http://www.dinarbanker.com/information-articles/iraqi-dinar-exchange-after-revaluation-guide.html

So us that bought from eBay sellers without a registered Treasury document will have problems then? In my case buy 25k notes over time for the last few years adding up to several million with no certificates (only eBay receipts).

Yeah I have similar questions. I find it hard to believe im going to be able to take 100k in dinar and ask them for 100k us dollars depending on the RV rate. I really don't want to walk into the bank and then have the FBI investigating for whatever reason.

[pizzaman]

WHAT !!!!!

Many people don’t realize that you can’t just deposit even $100,000 US dollars in cash in a U.S. bank without significant scrutiny as to the non-criminal origin of the funds---the Patriot Act and Bank Secrecy Act will not allow it.

Sure you can! You just have to pay your taxes.

[cisole]

Yeah I have similar questions. I find it hard to believe im going to be able to take 100k in dinar and ask them for 100k us dollars depending on the RV rate. I really don't want to walk into the bank and then have the FBI investigating for whatever reason.

exactly, i mean I expect that they won’t let me walk out with any really (forced deposit), but the fact that i won’t be able to do anything unless i have registered proof of its (non criminal) origin will suck, big time

WHAT !!!!!

Many people don’t realize that you can’t just deposit even $100,000 US dollars in cash in a U.S. bank without significant scrutiny as to the non-criminal origin of the funds---the Patriot Act and Bank Secrecy Act will not allow it.

Sure you can! You just have to pay your taxes.

thats the most logical way of thinking to me

[Jaxinjersey]

We will all get scrutinized in any exchange, especially at a high rate. There will be no avoiding that. Perhaps exchange a little at first to get some operating capital, pay off some bills. But at the current value, if you have no receipts... it's really no big deal, right? Why not get your dinars verified now with a bank... to start a paper trail... create new current receipts. Wouldn't that practically be the same thing as doing a 1:1 exchange of your current dinar holdings? Might take some doing... but might be worth it. Kind of like taking our US Dollars to a bank and exchanging them for different ones. I know it's a reach... but, just a thought.

[War Eagle]

Ebay has excellent records of everybody's purchases.There should be no problem in getting documentation.

Edited June 20, 2011 by War Eagle

[DIAMOND]

You people are acting like this is some kind of top secret investment, the government knows about it, an the banks known about it, we wont have to make secret back ally appointments, because they want OUR money!!!!

[WorkerBee]

IF there is an RV of a significant amount, your USD's that you are depositing into the bank will be coming from exchanged IQD. I've read were the normal IQD amount owned by UScitizens is what, 2 million? So, approx. $2,000 purchase price? I don't think our government will be overly concerned. However those who have posted they have 20-30 million or more IQD? They might want to have a paper trail.

[a1911handler]

THE PAPER TRAIL IS THE FIN-CEN FORM!

I bought from ALi and he had the form posted and referenced right there on his site.

For those of you who are unfamiliar with it, it would be good to start your research there.

[pizzaman]

I have no paper trail other than the fact I was there in Iraq. I am not worried when and if it RV's. We reap the benefits of war through our falling heros who should never be forgotten.

[a1911handler]

Okay, seven clicks later

FINCEN form #104. Department of the Treasury, Financial Crimes Enforcement Network

Pages 3 and 4 are of particular note.

[cisole]

Okay, seven clicks later

FINCEN form #104. Department of the Treasury, Financial Crimes Enforcement Network

Pages 3 and 4 are of particular note.

http://www.fincen.gov/forms/files/fin104_ctr.pdf

[rapidrex]

I was under the impression that buyinf foreign currency with a credit card was a violation of the Patriot Act. However, I know several people who have done so. I wonder if this is going to cause a hassle?

[Tom 777]

Thank God that I bought all of mine through the bank and dinar banker and still have the necessary paperwork on hand.

[cisole]

I was under the impression that buyinf foreign currency with a credit card was a violation of the Patriot Act.

If thats the case, and it does cause a hassle, then just about everyone i know that has invested is in trouble.

[DinarDana]

Nice stuff, but multilevel marketing - isn't this kinda like spamming? Just asking?

[DinarDana]

Nice stuff, but multilevel marketing - isn't this kinda like spamming? Just asking?

Sorry this does not belong here, having troubles with posts - patriots act regarding currency and banking

This might help if you care to read this, my eyes are tired.