What is the 3000 rule?
What is the 3000 rule? Rule. The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000. 40 Recommendations A set of guidelines issued by the FATF to assist countries in the fight against money. laundering.
How much money is too much to keep in one bank?
As long as that bank is FDIC-insured and your deposit doesn't exceed $250,000, you should be safe to do so. It might be worth it to maintain an account at a separate bank, however, just in case a bank error or accidental account freeze results in a loss of access to your money for a time.
What is smurfing?
Smurfing is considered a second-party scheme. Basically, it's money laundering, but scammers do it by breaking large transactions up into multiple smaller, less suspicious transactions and spreading them over many different accounts to avoid detection.