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SARs are required to be reported for all daily cash deposits greater than $10K by the Bank Secrecy Act.[1] Cash heavy businesses could easily hit this level, a
by beh9540 6y ago
SARs are required to be reported for all daily cash deposits greater than $10K by the Bank Secrecy Act.[1]
Cash heavy businesses could easily hit this level, as well as large transactions that are perfectly legal, so you wouldn't want to stop doing business with a customer, just because they deposited a large amount of cash.
[1] https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-reports/index-suspicious-activity-reports.html https://www.occ.treas.gov/topics/supervision-and-examination...
- vmception 6y agoand the threshold is not inflation linked, or location linked. it is just a 50 year misused law that has successfully spent the last half-century stigmatizing the concept of having money to move in the minds of people without money who want it.
- wemblee 6y agoI mentioned this above on another comment but you're confusing SARs and CTRs.