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The Bank Secrecy Act of 1970, also called Currency and Foreign Transactions Reporting Act Requires

Posted by Austin Powerz on 2/5/2026, 17:55:37

reporting of the source and disposition of all cash transactions using $10,000 in currency or more.

Under the BSA, financial institutions must report any cash transaction exceeding $10,000. This includes both deposits and withdrawals.

When a person engages in such transactions, they may be required to explain the origin of the funds to help prevent money laundering and the financing of illegal activities.

Businesses that receive more than $10,000 in cash in a single transaction or related transactions must report it to the IRS using Form 8300. Individuals may also be questioned by banks or financial institutions when making large cash deposits.

The BSA aims to curb money laundering, drug trafficking, and other financial crimes by imposing strict reporting requirements on financial transactions. This law plays a crucial role in making it more difficult for criminals to operate unnoticed within the financial system.

seriously?

Posted by JK on 2/5/2026, 17:59:15, in reply to "The Bank Secrecy Act of 1970, also called Currency and Foreign Transactions Reporting Act Requires"

who the hell in government would enforce that

The Department of the Treasury/Comptroller of the Currency looks at that.

Posted by Austin Powerz on 2/5/2026, 18:10:42, in reply to "seriously?"

And since all the banking records are electronic it's not hard to flag those over $10,000 in cash.

https://en.wikipedia.org/wiki/Bank_Secrecy_Act

Re: The Department of the Treasury/Comptroller of the Currency looks at that.

Posted by JK on 2/5/2026, 18:18:53, in reply to "The Department of the Treasury/Comptroller of the Currency looks at that. "

Looking ain't enforcing

They do criminal referrals to the DoJ

Posted by Austin Powerz on 2/5/2026, 20:20:53, in reply to "Re: The Department of the Treasury/Comptroller of the Currency looks at that. "

I heard at one time they were looking at lowering the limit to $5000...

Posted by TEXRA on 2/5/2026, 21:46:56, in reply to "seriously?"

...but in our part of the country there is another threat. If you are stopped and found to be carrying large amounts of cash - I don't think there is a set limit - you can be arrested and you will be assumed to be in the drug trade. They can jail you until you agree to forfeit the cash or post a large bond.

A former republican speaker of the house is familiar with this process

Posted by Dara on 2/6/2026, 1:09:27, in reply to "They do criminal referrals to the DoJ"

It was the final nail in Hastert's criminal coffin, so to speak.

If he had been a democrat he might have escaped a penalty though.

Can banks really be trusted under our current leadership?

Posted by Lucky on 2/6/2026, 8:42:29, in reply to "A former republican speaker of the house is familiar with this process"

My bank asked me what I was going to do with $3000. Maybe next time I make a deposit I will ask them what they plan on doing with my money

Example. If Bitcoin lost 44% of its worth in a year where did it go?

Posted by Lucky on 2/6/2026, 9:00:38, in reply to "Can banks really be trusted under our current leadership?"

I realize Bitcoin is a the new kid on the block but I think someone got very rich on this downturn

The cut off is 10K - and it is a practice that has been in place

Posted by Dara on 2/6/2026, 9:07:31, in reply to "Can banks really be trusted under our current leadership?"

since the what, 40's???

The only change has been the cutoff limit?

And now it is probably safe to say that not all parts of the Patriot Act were a good thing.

On the other hand - you might want to skim those 2,500 pages of the ACA - the one they passed before they read it - cuz if you don't like what your bank is doing that you are aware of - you REALLY aren't going to like what the ACA allows financial institutions to do that you are ignorant of until you read up.

Where did it go?

Posted by Dara on 2/6/2026, 9:08:13, in reply to "Example. If Bitcoin lost 44% of its worth in a year where did it go?"

Back to the fairytale land from whence it was created???

I dunno

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