Cryptocurrency Q&A
How much can you deposit without bank asking?
How much can you deposit without bank asking?
Michele
Mon Sep 30 2024
|
7 answers
1992
Excuse me, could you please elaborate on the extent of deposits that can be made without drawing the attention of banks? Is there a specific limit that one should adhere to in order to avoid any inquiries or scrutiny from financial institutions? Understanding these nuances is crucial for those seeking to navigate the cryptocurrency and finance landscape without raising undue attention.
7 answers
Tommaso
Wed Oct 02 2024
This threshold of $10,000 stems from the Bank Secrecy Act, a legislation enacted by Congress in 1970.
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GangnamGlitzGlamour
Wed Oct 02 2024
The primary purpose of the Bank Secrecy Act was to combat money laundering and ensure financial transparency.
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SumoStrength
Wed Oct 02 2024
The $10,000 threshold was later refined and strengthened with the introduction of the Patriot Act in 2002.
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Tommaso
Wed Oct 02 2024
The Patriot Act expanded the Bank Secrecy Act's scope, enhancing its effectiveness in preventing terrorist financing and other illicit activities.
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ethan_thompson_journalist
Wed Oct 02 2024
The deposit of substantial cash amounts, specifically $10,000 or greater, necessitates a mandatory report to the federal government by banks and credit unions.
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