The article is leaving out the fact that the $10k threshold is not at the discre... | Hacker News

Hacker Newsnew | past | comments | ask | show | jobs | submit

		diognesofsinope on Feb 11, 2023 \| parent \| context \| favorite \| on: Money Laundering and AML Compliance The article is leaving out the fact that the $10k threshold is not at the discretion of the bank. It comes directly from the Bank Secrecy Act (https://en.wikipedia.org/wiki/Bank_Secrecy_Act). The magic number is not the bank's magic number, it's politician's magic number.

buildbuildbuild on Feb 11, 2023 [–]

It’s also a number that inflation makes convenient for warrantless intelligence gathering.

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact