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Originally Posted by tmortgan
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In the 15 years in financing only seen two loans flagged for this statue. Regular work with Business Loans seeing monthly transactions from $10,000 to $100,000+. As long as the type of business supports the income, generally not a problem.
Anti-money laundering law (AML) / Bank Secrecy Act (BSA).
- Requires financial institutions to keep records of cash transactions exceeding $10,000 and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
More information see U.S. Code Title 18 Part I - Chapter 95 - Sections:
- § 1956 Laundering of monetary instruments
- § 1960 Prohibition of unlicensed money transmitting businesses
My $00.02
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