DId anyone get investigated when they cashed out a lot of bitcoin?

[Pasnik]

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.

In a certain bank here in our country Philippines they already reduced the cash out into 25,000 a day. They had a limit in their depositors that can cashout for 25,000 a day using atm. So when you have a cashout a huge amount direct in a bank definitely a bank will investigate where the money came from. You know they are keen to this case because I know someone has put in a watch list.

[leonix007]

Fortunately, there is a limit to cash-outs here in the Republic of the Philippines. At the moment, the maximum cash-out per day is 50,000 Philippine Peso (which is not surprising for a single transaction, and won't put you on the watch-list, at all). I know someone my age has cashed out nearly 500,000 Pesos worth of bitcoins, and so far nobody from the government has questioned him.

In a certain bank here in our country Philippines they already reduced the cash out into 25,000 a day. They had a limit in their depositors that can cashout for 25,000 a day using atm. So when you have a cashout a huge amount direct in a bank definitely a bank will investigate where the money came from. You know they are keen to this case because I know someone has put in a watch list.

These Authorities are getting paranoid on the previous incident of money laundering in the Philippines involving bank personnel/Manager, I've heard they are also targeting other online payments to limit cash outs and might involve our bitcoin exchanges. 

[hypersonic1]

There is no reason to worry about the law as you will be paying taxes on it in some way or form eventually. As the others have said, it's just good business to notify your bank for sudden large transactions that defy your norm. For example: you make $700 every two weeks then suddenly dump 10,000 int your account. Tell them ahead of time.

[Fatoshi]

Really enjoyed reading back on the replies. Some resembled more like bank robberies gone wrong though and scenes of suitcases of cash spilling out of suitcases.

I plan to pay tax and keep money in the bank etc im just wondering how much scrutiny in this age of terrorist money laundering etc i might get. I dont see anyway I can give a paper trail though. Some exchanges shutdown...ico investments ended up scams you know the deal...hundreds of trades. But I guess the way is to simply say you mined bitcoin back in the day?