How often can I deposit cash without being flagged?

The reporting deadline specified in the Bank Secrecy Act is stringent. Banks must file the necessary reports within 15 days of receiving the deposit. This timeframe ensures timely notification to the IRS, facilitating swift action in case of any irregularities.

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The Bank Secrecy Act, enacted in 1970, serves as a cornerstone in financial transparency regulations. It lays out clear guidelines on the reporting of certain deposits to the Internal Revenue Service (IRS). This legislation is aimed at combating money laundering and financing of illegal activities.

According to the Act, banks are obligated to monitor and report cash deposits into accounts that reach or exceed the threshold of $10,000. This reporting requirement is designed to provide the IRS with vital information on large cash transactions, helping to identify potential suspicious activity.