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
Meant to ping you to post #61.
The problem I have is this -— 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.
WHY? this will flag down as suspicious a lot of small businesses who make less than or a little more than $10,000 regularly and have to deposit the money they make.
This will also flag down travelers who need to withdraw cash for legitimate business overseas.
In creating a law like this, the end result is MORE GOVERNMENT in the lives of people, even as it is arguable if money launderers can’t use other means to escape detection.