| Most people go through each day giving no thought | | | | of deposits are made directly to your bank account |
| whatsoever to money laundering, yet, whether you | | | | (you later find out these deposits were all made in |
| choose to think about it or not, money laundering, and | | | | cash and at a number of branches in several states). |
| the efforts to fight it, can impact you directly – in | | | | By now, there should be sirens too going off, but you |
| your business or in your own home. | | | | REALLY NEED this sale. And, by now, you are an |
| First, as a business in the US, did you know you have | | | | unwitting accomplice. Then, a few days later, he |
| a legal obligation to report the receipt of more than | | | | returns and cancels the order and asks for the refund |
| $10,000 in cash or cash equivalents, which include | | | | to be a single check made payable to him personally. |
| foreign currency, cashier's checks, money orders, bank | | | | Even if you charge him an order cancellation fee, he |
| drafts and traveler's checks – in any combination? | | | | walks away with a big, fat check from a locally |
| As long as it is for a single transaction (not item – | | | | reputable store, rather than in possibly stolen checks, |
| but transaction), the receipt can even take place over | | | | or maybe even drug money (and you could still be |
| a period of time – as much as a 12-month period! | | | | financially responsible if the checks or wires do prove |
| (Banks and others with regular currency transaction | | | | to be stolen or embezzled). An extreme example to |
| reports have a cycle of only a single business day's | | | | say the least, but I wanted to point out some of the |
| postings.) The form involved is IRS Form 8300. Do | | | | types of red flags one needs to be wary of. |
| NOT ignore this! I am aware of individuals who have | | | | And third, on a personal level, most all of us have |
| been sentenced to and served years in prison for | | | | received e-mails or seen work-at-home ads stating |
| purposely ignoring this. I will make another posting soon | | | | that some foreign company needs people to process |
| just on Form 8300, its requirements and how to fill it | | | | payments for them – often paying 10% |
| out properly. | | | | commissions to do so. Well, these are money mule |
| Second, you are aware that knowledge of the funds | | | | schemes and, if you participate, you have just |
| being illicit at the time of receipt is a critical component | | | | committed the crime of money laundering. Law |
| for it to be money laundering. However, the concept of | | | | enforcement will contend (and prevail) that you should |
| willful blindness can put you in a position that you | | | | have known better and that you had to have |
| should have known, so therefore, you DID know. So, | | | | suspected the funds might somehow have been illicit |
| especially as a business, you must be vigilant of who | | | | (and therefore, you KNEW). So not only will you lose |
| your customers are, if the transactions seem to make | | | | your little commission, you will likely have to make up |
| business sense, and how the transactions are being | | | | the funds your forwarded (because that money is |
| handled. For example, someone claiming to run a deli in | | | | long, long gone and way out of anyone's reach), but, |
| Manhattan orders 83 complete Scuba outfits (suits, | | | | additionally, you could be facing jail time for money |
| tanks, regulators, etc) from your sporting goods store. | | | | laundering (people that assist those that are laundering |
| Already some bells should be sounding in your head, | | | | are as guilty of the crime as the actual perpetrators). |
| but that is a lot of business to turn away. For the | | | | So stay clear. |
| payment, he signs 5 third-party checks over to you (in | | | | As the old adage goes, if it seems too good to be |
| amounts and from entities that seem odd to have had | | | | true, then it probably is. I hope this has been informative |
| such transactions with a deli), or he has money wired | | | | and that I have raised your awareness. |
| to you from several overseas companies, or a series | | | | |