Checks That Involve Amounts of More Than $5,000 Generally Trigger

question 39

True/False

Checks that involve amounts of more than $5,000 generally trigger the bank reporting requirements under the USA Patriot Act.

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Definitions:

Crowdfunding

The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.

Internet

A vast network that connects computers across the world, allowing for the sharing and transmission of data and information.

Reform Act

Legislation intended to bring about changes or improvements in a specific area, often used to reference specific historic statutes that reformed political processes.

Safe Harbor

Safe harbor refers to a legal provision to reduce or eliminate liability in certain situations, provided that the actions taken meet specified criteria.