Within how many days must dealers report cash transactions according to federal cash reporting rules?

Dealers are required to report cash transactions exceeding $10,000 within a specific timeframe to ensure compliance with federal regulations aimed at preventing money laundering and other financial crimes. The correct duration for reporting such transactions is 15 days. This requirement enables authorities to monitor large cash transactions and trace any potential illicit activities associated with them. The 15-day reporting rule is part of the broader framework established by the Bank Secrecy Act, which mandates financial institutions, including car dealerships and other businesses that deal in cash, to be vigilant in their record-keeping and reporting practices to maintain transparency in financial transactions.