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Hawala trades are illegal in the U.S. and many other countries because financial regulations require money services businesses to obtain appropriate licenses and follow anti-money laundering laws.

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Having an IRS Currency Transaction Report on your file increases your likelihood of being audited, which is one of the reasons even people who have nothing to hide try to avoid the CTR.

This means that even though CTRs increase the likelihood that you will be audited, having one on your file doesn't necessarily guarantee that the IRS will come knocking. However, the IRS said it would put more effort into using CTRs to catch tax evaders. If this happens, you can expect to be under greater scrutiny.

A CTR protects the banking industry from threats caused by people committing financial crimes. The goal of the anti-money laundering regulation is to deter criminals who try to hide the money they obtained illegally. This law also applies to cryptocurrency businesses.

While it is impossible for the IRS to track every bank transaction, they have enacted special reporting requirements for larger transactions in an effort to combat fraud and money laundering. The forms required to track these large transactions are known as Currency Transaction Reports (CTR).