What You Should Know About the Bank Secrecy Act
The Bank Secrecy Act (BSA) of 1970, also known as the Currency and Foreign Transactions Reporting Act , requires banks and other financial institutions to report cash deposits over $10,000 in order to help the federal government detect and/or prevent money laundering and other financial crimes. Financial institutions are subject to audits by the Office of the Comptroller of the Currency to make sure they are in compliance with BSA reporting and recordkeeping requirements. It is extremely important for plant-touching businesses to understand the BSA and the necessity of being compliant. As a result of severely limited banking options , some plant-touching businesses operate on a cash-only basis. On occasion, these businesses may receive cash payments over $10,000. Any time a canna-business receives a cash payment over $10,000, it is required to submit Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, to the Internal Revenue Service either by mail or electronicall...