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Bank Secrecy Act: Increased Use of Exemption Provisions Could Reduce Currency Transaction Reporting While Maintaining Usefulness to Law Enforcement Efforts
David G. Wood (au)
To aid law enforcement efforts against financial crimes, under the Bank Secrecy Act (BSA) depository institutions must file the Treasury Dept.’s Financial Crimes Enforcement Network’s (FinCEN) currency transaction report (CTR) form on their customers’ cash transactions of more than $10,000. While FinCEN’s regulations allow institutions to exempt certain customers, over 15 million CTRs were filed in 2006. Public Law 109-351 directed a report on: (1) the usefulness of CTRs to law enforcement; (2) depository institutions’ costs of meeting CTR requirements; and (3) ways to encourage use of exemptions to avoid unnecessary CTRs. This report surveyed 115 state and local law enforcement agencies and 680 depository institutions.
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