The assistant manager of a MidAmerica Bank branch in Chicago didn't know what to say when a customer, armed with a letter from the U.S. Internal Revenue Service's criminal investigation division, demanded to know why the bank reported him to the government. The IRS letter, dated April 10, explained that the Bank Secrecy Act (BSA) requires financial institutions to report cash transactions of more than $10,000 and prohibits individuals from structuring, or breaking up transactions into smaller amounts, to avoid those reporting requirements. It told the customer he may have broken the law. "I have reason to believe that you,...
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