### Question
How does MONEY define private banking account?


### Answer
Under *31 U.S.C. § 5318*, **private banking account** is defined as:

> an account (or any combination of accounts) that—


(i) requires a minimum aggregate deposits of funds or other assets of not less than $1,000,000

#### Citation:
  - *31 U.S.C. § 5318*
  - Heading: **SUBTITLE IV-MONEY > CHAPTER 53-MONETARY TRANSACTIONS > SUBCHAPTER II-RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS**

