[Ken H]

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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

[roadcat]

Yes, I'm aware of that Bank Secrecy Act. So they have to act on transfers of MORE than $10,000. If you are transferring less than $10,000 then it should not trigger that act. Like I said, if the speed limit says 65MPH and you do 62MPH, is it fair to penalize you of almost doing a crime and give you a speeding ticket?

Lots of businesses by happenstance deposit amounts under $10,000 and are not violating the law in any way or fashion. Yet they are treated as criminals as if they are intentionally trying to hide money from prying eyes. The government is not out to prevent money laundering, they're out to acquire funding in any way possible for their own nefarious uses to continue their bullying of the public.