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by mr_spothawk
1369 days ago
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https://www.investopedia.com/terms/b/bank_secrecy_act.asp > KEY TAKEAWAYS > The Bank Secrecy Act (BSA) is U.S. legislation aimed at preventing criminals from using financial institutions to hide or launder money. > The law requires financial institutions to provide documentation to regulators whenever their clients deal with suspicious cash transactions involving sums over $10,000. > The law does not require documentation for every transaction over $10,000, but businesses must file Internal Revenue Service (IRS) Form 8300 if they receive more than $10,000 in cash from one buyer. |
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