My sister bought a Chevy Blazer today.

[Cirsium]

51. The Bank Secrecy Act

As a general rule, the Internal Revenue Service (IRS) requires that Form 8300 be filed if a business receives more than $10,000 in cash from an individual buyer through a single transaction or two or more related transactions. Form 8300 is required if any part of the transaction occurred within the United States or its territories. This IRS rule applies to everyone: individuals, companies, corporations, partnerships, associations, trusts, and estates all must file Form 8300 by the 15th day after the transaction takes place.

On the bank’s side, banks and financial institutions are required to complete a Currency Transaction Report (CTR) for cash transactions that exceed $10,000 in a single day. CTRs are required for that $10,000 amount even if the amount is exceeded by multiple transactions. A CTR will include the name of the individual completing the transaction, as well as their bank account number, address, and social security number. There are also penalties for financial institutions that fail to file a Currency Transaction Report when required.

Additionally, when a transaction seems suspicious—meaning it could point to money laundering or the client appears to be trying to avoid BSA reporting—the financial institution is required to file a suspicious activity report (SAR). An SAR reports the suspicious activity to the Financial Crimes Enforcement Network (FinCEN). Suspicious Activity Reports are filed by banks confidentially, and there are penalties for banks who disclose to a client that they have filed an SAR.

https://www.moderntreasury.com/learn/bank-secrecy-act

The Bank Secrecy Act

The BSA was originally passed by the U.S. Congress in 1970 and signed by President Richard Nixon into law on October 26, 1970. Shortly after passage, several groups attempted to have the courts rule the law unconstitutional, claiming it violated both Fourth Amendment rights against unwarranted search and seizure, and Fifth Amendment rights of due process. Several cases were combined before the Supreme Court in California Bankers Assn. v. Shultz, 416 U.S. 21 (1974), which ruled that the Act did not violate the Constitution. Until the 1980s, there was a "prolonged period of inaction", but financial institutions eventually complied with the BSA's reporting requirements.

The statute has been amended several times, including provisions in Title III of the USA PATRIOT Act, which amended the BSA to require financial institutions to establish anti-money-laundering programs by establishing internal policies, procedures, and controls, designating compliance officers, providing ongoing employee training, and testing their programs through independent audits. There was an attempt to include another amendment in 2018, called the Illicit Arts and Antiquities Trafficking Prevention Act (IAATP). As the name implies, its aim was to restrict illegal trafficking of art in the United States which has the highest rates of money laundering in the world. It was not passed in the United States House of Representatives. This was because the aim of the IAATP did not directly correspond with the aim of the BSA which, according to Congressman Luke Messer, sponsor of the bill, is to "counteract terrorist financing and crack down on terrorist organizations like ISIS".

https://en.wikipedia.org/wiki/Bank_Secrecy_Act