Comment by nicholasjarnold 3 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).
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
By making the Mark convertible to Euro indefinitely, Germany decided that it would be the only Euro-zone country that wasn’t going to participate in the confiscation of what turned out to be billions from their own citizens. It’s called seigniorage and has been a thing since Roman times or even before.
That limit was reduced to $500 and then back up to $2000. It's a multifaceted thing, now, that triggers a SAR.
https://www.fincen.gov/fact-sheet-industry-msb-suspicious-ac...