Does USPS and Banks Report Transactions Over $10,000
Yes, both USPS and
banks report transactions over $10,000 to the IRS. These organizations can file a Suspicious Activity Report (SAR) with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) for transactions that appear to involve criminal activity or they can file a Currency Transaction Report (CTR) to record large transactions of $10,000+. Any cash purchases of $3,000 to $10,000 must be reported by banks offering travelers checks or money orders. Records must also be kept of any money orders of $3,000+ and currency exchange transactions of more than $1,000+. The IRS doesn't care much about these transactions, but merely use it as a tool to track consistent deposits like this which are often associated with drugs, weapons and trafficking.