Which is illegal, because it’s clearly skirting the law, and IIRC, that law says it’s illegal to skirt the law by taking it out in such a manner as to avoid the obligatory report. Wide open to interpretation!
I used to have to take the Suspicious Activity test when I worked at the bank.
It is up to the teller to determine what is suspicious. The dollar amounts reflect the “mandatory” reporting. But the teller can determine “your three $9,999 deposits” were suspicious and fill out the form.
Filling out the form does not trigger an investigation. They usually go into a file somewhere and they might lead to something in the future.
Finally, if the teller does NOT report suspicious activity they can be personally fined by the Treasury Department. It is one of a few “crimes” where an employee can be personally liable above and beyond the liability of the bank.