Legislation designed to reduce transaction reporting requirements for banks depends on the support of the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), banking industry lobbyists say. A bill introduced Jan. 9 in the House of Representatives would allow banks to exempt the deposit accounts of certain longtime customers known as "seasoned customers' from currency transaction report (CTR) filing requirements. The House passed similar legislation in June 2006, but the measure failed to gain traction in the Senate, where lawmakers have deferred to law enforcement officials' objections. "I think that what ultimately happens with this legislation will be driven in...
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