Banks to Fight On for Transaction Reporting Relief After Government Study is Released

By Matt Squire

Bank lobbying groups say they will continue to push for reduced Bank Secrecy Act reporting requirements following a report that a U.S. government agency found currency transaction reports to be essential in fighting money laundering and terrorist financing. In a study expected to be issued Feb. 21, the Government Accountability Office will show that CTRs filed by financial institutions provide essential information for law enforcement investigations. The report also concludes that the banking industry has not been able to prove that the filing requirements are excessively burdensome. The GAO's findings were first reported by the American Banker on Wednesday. The...