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Transaction Reporting Reform Bill Likely to Fail, Bank of America Executive Says
By Matt Squire
printA bill that would reduce the number of Bank Secrecy Act related reports financial institutions must file won't become law because of opposition from law enforcement and a backlog of higher-priority bills on Capitol Hill, banking compliance experts say. The House of Representatives passed legislation in January that would allow financial institutions to exempt the accounts of certain longtime customers from currency transaction reporting requirements. Financial institutions are required to file currency transaction reports (CTRs) on every transaction of more than $10,000. John Byrne, a global compliance executive at Bank of America in Washington, D.C., said the bill will likely...
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Financial institutions with limited resources often dont seek exemptions for filing currency transaction reports because they are unable or unwilling to handle the required additional due diligence and regulatory scrutiny.
The Seasoned Customer CTR Exemption Act would permit banks to exempt the accounts of certain longstanding U.S. business customers from filing requirements.