New Zealand to ban crypto ATMs in broader efforts to combat money laundering https://t.co/jWOrdR5tIv ...

“We inadvertently turned over a stone, and went down the deepest, darkest hole for three years.”How police uncovered a vast money-laundering scheme fuelled by a stablecoin https://t.co/aTq7ybfL8X ...

🇦🇺 INSIGHT: A $123M crypto scam in Australia laundered funds through a licensed money transfer firm. One of the country's biggest frauds. https://t.co/Z5TATuT631 ...

The Mexican Finance Ministry said it will spin off the trust businesses of two banks following US accusations that they laundered proceeds from illicit drug trafficking. https://t.co/91KhOzgB50 ...

Singapore imposed $21.5 million in penalties on nine financial firms, including a few of the world’s biggest banks, for lapses related to the city’s largest money laundering case https://t.co/dJ73BSpATe ...

Standard Chartered is facing a $2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysia’s troubled sovereign wealth fund 1MDB https://t.co/RwC212YY3D ...

Core Insights - Banks are required to report deposits over $10,000 to the IRS as part of the Bank Secrecy Act (BSA) [3][5] - Financial institutions must file IRS Form 8300 and FinCEN Form 104 for large transactions [4][11] - The reporting threshold is designed to combat money laundering and illegal activities [5] Reporting Requirements - Banks report daily aggregate deposits exceeding $10,000, which includes multiple transactions that sum to this amount [3] - The reporting is mandatory and must be completed within 15 days of the transaction [4][11] - Financial institutions may also report suspicious activities that could indicate tax evasion or other criminal activities [5] IRS Utilization of Reports - The IRS uses Currency Transaction Reports (CTRs) to identify unreported income and potential tax evasion [7] - CTRs may lead to further audits or inquiries into a taxpayer's financial activities [7][10] - The IRS can request bank records if there are unexplained cash deposits, although it cannot access bank accounts directly [10] Transaction Specifics - Depositing a $20,000 check triggers mandatory reporting to the IRS [11] - Smaller deposits, such as $2,000, are generally not suspicious but may raise flags if there are patterns of large deposits without explanation [12] - The threshold for reporting varies based on the type of income, with specific amounts for self-employment income [13]