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# 210387 25-Mar-2017 11:30
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This has a worrying tinge to it.






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  # 1747493 25-Mar-2017 11:52
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Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 







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  # 1747495 25-Mar-2017 11:55
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Now lower limits, meaning far more transactions (95% of which will be perfectly lawful) and far more sensitive data going to the Police with no warrant, no suspicion, no oversight - and do you trust them to keep all that safe?






 
 
 
 


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  # 1747496 25-Mar-2017 11:55
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Sounds a bit like the Police mandating storage of all SMS messages - it only catches out the dumb people who still use SMS to organise a crime. If you just transfer smaller amounts you will not be subject to reporting.

 

 




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  # 1747520 25-Mar-2017 12:03
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sbiddle:

 

Sounds a bit like the Police mandating storage of all SMS messages - it only catches out the dumb people who still use SMS to organise a crime. If you just transfer smaller amounts you will not be subject to reporting.

 

 

It will take you a long time to shift that $10 million in $999 lots...!cool

 

Also I imagine they would flag endless low transactions as suspicious eventually.

 

I'm not sure I agree with it on principle to be honest - it is akin to forcing all drivers to fit alco-locks because a tiny majority drive when over the limit, or banning certain religions from flying because a small number cause issues or something like that.

 

I think that the authorities ought to have some evidence to support a warrant before they can just hoover up this information.






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  # 1747522 25-Mar-2017 12:10
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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.




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  # 1747533 25-Mar-2017 12:34
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freitasm:

 

Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 

 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.


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  # 1747540 25-Mar-2017 12:37
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cadman:

 

freitasm:

 

Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 

 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.

 

 

Similarly the police don't know your accounts until something happens that they know...





 
 
 
 


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  # 1747548 25-Mar-2017 13:02
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Police have never invaded my financial privacy. With those limits they never will, unless I win Lotto. Bigly.


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  # 1747583 25-Mar-2017 14:21
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Time to buy bitcoin.

 

 





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  # 1747600 25-Mar-2017 15:22
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cadman:

 

 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.

 

 

Generally the bank requires your IRD number in order to deduct RWT on interest payments.

 

It wouldn't be a stretch to imagine this info is verified and shared with IRD.

 

Whether it is "mandatory" for the bank to require this information or differs by bank I don't know.. but probably.




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  # 1747617 25-Mar-2017 16:41
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Dratsab:

 

Police have never invaded my financial privacy. With those limits they never will, unless I win Lotto. Bigly.

 

 

 

 

$1000 is not that big a limit...!






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  # 1747623 25-Mar-2017 16:48
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Did I read a different article? The new rules are over $10k per transaction and not over $1k??


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  # 1747626 25-Mar-2017 16:56
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myndlyz:

 

Did I read a different article? The new rules are over $10k per transaction and not over $1k??

 

 

1k for international wire transfers





Matthew


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  # 1747628 25-Mar-2017 16:57
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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.





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  # 1747632 25-Mar-2017 17:05
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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....

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