Lol, all these posts about getting phone calls of please explain. I understand $10,000 plus has to be reported.
I received about $17,000 direct debited into bank account 5 years ago, then wrote cheque out week later for $20,000, never heard anything from any body.
Transactions probably reported, but it didn't effect me in any way. If they want to waste their time having people on watch list then good on them. Life as normal for me.
Last year I had two life insurance policies 'mature' (yes, I know, I'm old ;-) ) so the insurance company put the money in my bank account and a couple of days later, I moved it into my KiwiSaver account.
On each occasion, I got a very polite 'please explain' email from the fund manager.
It was easy to comply, I just forwarded the memo from the insurance company.
The point is, the fund manager was checking