Question

Fort Thomas Living is a small publishing company located in the Northern Kentucky. Recently, Fort Thomas Living has contracted with several different local writers to publish various magazines and short-story books. Once such transaction involves an exchange of $10,200. Another transaction involves an exchange of $9,600? Are both of these exchanges of money subject to the disclosure requirements of the Money Laundering Control Act?

Answer 1

Answer: No

Explanation:

The Money Laundering Control Act of 1986 which was passed to curb the effects of large scale money laundering at the federal level, only requires that transactions above $10,000 be disclosed.

There is a transaction here that is only to the tune of $9,600 so this will not be disclosed as it is less than the $10,000 threshold. The other transaction of $10,200 will however, be disclosed.