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
I wonder if this is valid - updating the $10,000 required since 1970. Badly written article if the entire law has changed, why not say so?
“”According to the handbook for the Federal Financial Institution Examination Council, banks are required to file a SAR with respect to:
Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more