The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
http://en.wikipedia.org/wiki/Bank_Secrecy_Act
America’s war on small business continues.
Only use the bank[s] when you must now. the same with a doctor. With each of either, a record or copy of the transaction goes directly to the IRS and Quantico, VA.
So, what ever became of this. The Feds complained about feelings. How about, then, the feelings of the average American, specially at being betrayed by an agency that lied? Shouldn’t they matter, if the disposition of the issue is to be based on feelings?
Yet many conservatives still support the government’s War on Drugs.
I believe the law requires the institution taking the deposit to report. Not the account owner.
So for example, if you have $100,000 sitting in a bank account, and you don't touch it - make no deposits or withdrawals - for long enough that the bank changes the account's status to "dormant", the federal government can come along and simply take the money.
He said it had something to do with some law having to do with money laundering. It is outright theft, plain and simple, and most people (like me) have no idea that the law exists.