Police invade your financial privacy even more often now.

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Ultimate Geek

#1747639 25-Mar-2017 17:38

Sounds reasonable - all it does is flags a transaction that then requires evidence. Its a reasonable way to crack down on organized crime and tax fraud.
Do you have a better way?

Rikkitic

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#1747642 25-Mar-2017 17:42

I think all it does is drive it further underground. The bad guys always have alternatives. This kind of thing usually only disadvantages really stupid bad guys, along with every normal law-abiding citizen.

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gzt

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#1747653 25-Mar-2017 18:22

Article: And banks say they can't rule out passing on the cost to customers in fee hikes.

Great. Bank fees. I find this whole thing surprising.

The scale of data collection proposed is unprecedented.

What will it really achieve now there are so many ways to move money around?

afe66

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#1747714 25-Mar-2017 21:05

Can someone clarify whether they are also changing the cash amount you need to declare at airports?

Or is it 1k for online but 10k physically ? Which is stupid.

The amount of cash deposited at banks 10k in one amount so how about 9k this week then 2k Next Week.

What about all this businesses that move cash as part of their usual business?

I'm sure I'm already "on file " from bringing back money from overseas anyway to pay my student loans....

cadman

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#1747716 25-Mar-2017 21:15

afe66: Can someone clarify whether they are also changing the cash amount you need to declare at airports?

Or is it 1k for online but 10k physically ? Which is stupid.

The amount of cash deposited at banks 10k in one amount so how about 9k this week then 2k Next Week.

What about all this businesses that move cash as part of their usual business?

I'm sure I'm already "on file " from bringing back money from overseas anyway to pay my student loans....

$9 999.99 in one transaction is fine. You can do that as frequently as you like - one after the other if you like. It's not aggregated.

Geektastic

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#1747741 25-Mar-2017 22:35

gzt:
Article: And banks say they can't rule out passing on the cost to customers in fee hikes.

Great. Bank fees. I find this whole thing surprising.

The scale of data collection proposed is unprecedented.

What will it really achieve now there are so many ways to move money around?

If the police want the information they should pay the cost of getting it.

Geektastic

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#1747743 25-Mar-2017 22:42

mudguard:
mdooher:
Stu: I can't see a problem with the new limits. The $1000 international transfers limit could be due to the huge number of people being scammed, as much as for other reasons.

Which would be fine if they would, or could do anything about it.

Exactly I used to have to ring customers sending money to Nigeria when I was at the bank. There was nothing I could do about it other than delay it 24 hours. As for the $10k amount banks should've been reporting these anyway under Anti Money Laundering legislation. I actually wondered if property purchases were the biggest source of laundering, money into a solicitor's account from God knows where, then into the next solicitor's account....

A couple of years ago I had a company in the USA make some travel arrangements for me for a trip to Myanmar. I wired the funds to them in California - about $5k.

I put "For Myanmar trip" on the wire form. Got a call from ASB the next day telling me I could not send money to Myanmar...!

I explained and was ignored and told I would have to suffer their bureaucracy and prove legitimacy.

I instructed them to cancel the transaction. Next day I did the same transaction in every respect except I left the word Myanmar off the form.

Sailed through without a murmur!

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mattwnz

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#1747753 25-Mar-2017 23:12

Does it also apply if you are just transferring amounts between your different banks accounts so you can get better interest rates?

I am also wondering if they are doing it to prevent a run on the banks in case of a housing market collapse.

Stu

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#1747788 25-Mar-2017 23:42

It's transactions of $10,000.00 in cash, or $1,000.00 in international transfers. Neither of which are involved with transferring between accounts with a view to getting a better interest rate, surely?

People often mistake me for an adult because of my age.

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mattwnz

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#1747789 25-Mar-2017 23:51

Stu: It's transactions of $10,000.00 in cash, or $1,000.00 in international transfers. Neither of which are involved with transferring between accounts with a view to getting a better interest rate, surely?

I would hope not. But this is transferring between different banks, so I am not sure how they will easily be able to tell someone owns both account, unless NZers register all the bank accounts with the IRD so they can easily see that you own all those account. But most times you setup a new term deposit, you get a new account number. I just hope the current system is able to tell.

IMO they should be putting far more resources into the property market, and all the money that is going through that. But I think they have already missed the boat on that, as that is possibly one of the reasons why Auckland property market has been such a bubble, with all the overseas buyers, and all the cheap money from overseas. I fear it will all end in tears for someone.

Batman

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#1747836 26-Mar-2017 07:03

afe66: Can someone clarify whether they are also changing the cash amount you need to declare at airports?

Or is it 1k for online but 10k physically ? Which is stupid.

The amount of cash deposited at banks 10k in one amount so how about 9k this week then 2k Next Week.

What about all this businesses that move cash as part of their usual business?

I'm sure I'm already "on file " from bringing back money from overseas anyway to pay my student loans....

Banks have always been required to notify (somebody!) of every incoming (overseas) money transfer of 10k or more. So yes 9999.99 from overseas is ok.

My understanding of the new rules is now national transfers of 10ks are also being monitored. (And yes 9999.99 as many times as you like is fine)

I am not sure why they need - the overseas one = income tax for people not declaring overseas income (I know that for a fact).

Perhaps they are trying to track down cash traders [hint IRD notified]? Meth cooks? Drug dealers? Something other dealers?[Police notified]

And the 1k outgoing international transfer - now this I can't understand. Doesn't make sense. Maybe only drug dealers send money overseas?

cshwone

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#1747842 26-Mar-2017 07:45

I have a UK pension and transfer over $1000 every month to my NZ account. This is declared to IRD and I pay every cent of the tax dutifully. Now these transactions are going to be declared to the Police!! I know that some will say that as I have nothing to hide then I have nothing to worry about. But this just hacks me off that more agencies are getting access to my financial affairs and increasing the chances of bureaucratic cock ups which cause stress and have to be dealt with.

Makes me grumpy.

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#1747879 26-Mar-2017 09:00

cshwone:

I have a UK pension and transfer over $1000 every month to my NZ account. This is declared to IRD and I pay every cent of the tax dutifully. Now these transactions are going to be declared to the Police!! I know that some will say that as I have nothing to hide then I have nothing to worry about. But this just hacks me off that more agencies are getting access to my financial affairs and increasing the chances of bureaucratic cock ups which cause stress and have to be dealt with.

Makes me grumpy.

I thought it's only outgoing transfers.

surfisup1000

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#1747888 26-Mar-2017 09:18

mudguard:

Exactly I used to have to ring customers sending money to Nigeria when I was at the bank. There was nothing I could do about it other than delay it 24 hours. As for the $10k amount banks should've been reporting these anyway under Anti Money Laundering legislation. I actually wondered if property purchases were the biggest source of laundering, money into a solicitor's account from God knows where, then into the next solicitor's account....

Did you manage to change anyones mind?

From my understanding , these scam victims are often so deep within the scam they refuse to take advice.

There was a podcast about someone like you working at a money transfer service who would try and tell people they were being scammed.

Geektastic

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#1747893 26-Mar-2017 09:32

cshwone:
I have a UK pension and transfer over $1000 every month to my NZ account. This is declared to IRD and I pay every cent of the tax dutifully. Now these transactions are going to be declared to the Police!! I know that some will say that as I have nothing to hide then I have nothing to worry about. But this just hacks me off that more agencies are getting access to my financial affairs and increasing the chances of bureaucratic cock ups which cause stress and have to be dealt with.

Makes me grumpy.

When I get that far (if!) I will be having mine paid to a UK account and spending it there.

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