[helsinkiandrew]

But cash isn't that useful if you're holding a company to ransom on the other side of the world. And normal bank transfers are very traceable.

Banks need to report any transactions greater than $10K (or a series of smaller transactions that make up $10K). The consequences of a bank not reporting far exceed any profit they would make from it.

[pjc50]

I think the GP was specifically referring to HSBC which has been known to evade its responsibilities in this regard.

[Taek]

I believe Wells Fargo, JP Morgan, and plenty others have reputations for this as well. HSBC just happens to be in the news the most.

[danlugo92]

If you show up at the correct bank with a $1million briefcase you will be taken to a closed office and they will serve you.