Comment by nicholasjarnold

4 days ago

> When most money exists in digital form in a database somewhere, over time, the concept of real paper money gets that assumption of wrong doing.

It's already happening, and it probably just depends on the teller you get. I have no idea if it's policy or not, but I've been questioned pretty intrusively for cash transactions even under the reporting limit of 10k (see: BSA, CTR).

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nicholasjarnold

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HWR_14  4 days ago

You are probably questioned more about cash transactions under the reporting limit. Over the reporting limit they file a form. Under they have to determine if they need to file a form.

  • username135  3 days ago

    Over 10k in a day of cumulative deposits will automatically trigger a CTR (currency transaction report). Amounts over 3k can trigger a SAR (suspicious activity report) but those are typically at teller discretion unless its a very specific circumstance like a customer buying $2500 in traveller cheques but has a typical average balance under some low threshold.

    All those reports go to the banks AML (Anti Money Laundering) group who have to follow specific reporting guidlines from big brother. Lots of data is used to determine your risk level, which gets assigned tonyou when you open an account, especially a business account. Depending on the sic codes you choose determines how heavily you are scrutinized by the banks interal risk structure.

    I could go on but you get the gist.

    Source: too many decades in financial services orgs

sigmoid10  4 days ago

The EU literally got rid of the 500 Euro bank note because it was primarily used by criminals for evading the law.

  • Y_Y  3 days ago

    They literally did not. 500s are still currency, they just stopped printing them.

    • whycome  3 days ago

      I think that’s what was implied. Canada “got rid of” the $1000 bill but it’s still legal tender. Canada also got rid of the penny, but it remains legal tender. Banks will take them if vendors don’t.