If a person deposits $10,000 or more into a bank account, which agency must be notified?

When an individual deposits $10,000 or more into a bank account, the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department, requires that the bank file a Currency Transaction Report (CTR). This requirement is part of the regulations designed to combat money laundering and ensure that large cash transactions are monitored for suspicious activities.

The purpose of notifying the U.S. Treasury Department is to maintain transparency in financial transactions, which helps prevent illegal activities such as money laundering or tax evasion. Financial institutions play a critical role in this oversight by reporting significant cash deposits, thereby supporting the integrity of the financial system.

While there are other agencies involved in financial oversight, such as the Internal Revenue Service (IRS) for tax-related issues, the specific requirement for bank reporting on large cash transactions falls under the jurisdiction of the U.S. Treasury Department.