In Australia we have a similar system where the banks must report all withdrawals of 10k or more and also I believe even around five ground or more. Even if you don’t go above those limits the banks are encouraged to report “suspicious” activity even though it is not law. I have screaming matches often and I must be on every watchlist ahaha. So they foster a tell-on-your- neighbour environment.
Yet ,our biggest bank was caught funding terrorism by never reporting definitely suspicious transactions so it wouldn’t lose profits.so we’ll harass grandmas and hardworkers but be afraid of the corporate ” terrorist funders”.