@2019paybacktime Are you going to make a series of wire transfers of just under $10,000 to your friend in Columbia or is this just a one time event?
In cases where a financial institution suspects a customer of structuring or smurfing, they are legally obligated to file a Suspicious Activity Report (SAR). The report is submitted to the Financial Crimes Enforcement Network (FinCEN). Financial institutions must file SARs within 30 days.
If you are a US citizen or US resident and are sending gifts to an individual of over $17,000 during the tax year, you are required to report the gift to the IRS using Form 709. No taxes will be assessed if the total of gifts ever given is less than $12.92 million for tax year 2023.
