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Federal Regulators Delay Action on CTR Relief in Congressional Report

By Matt Squire

U.S. regulators acknowledged the outcry from the financial industry for Bank Secrecy Act reporting relief but said they would not take any action until a government effectiveness study is released early next year, according to a congressional report released Thursday. The Federal Financial Institution Examination Council (FFIEC), in a 259-page document, dated July 31 and published Thursday in the Federal Register, outlined its progress in weighing strategies for reducing the burden of various bank regulations. Industry professionals submitted letters expressing concerns with the effectiveness of currency transaction reports (CTRs) due to the increased number of transactions that have surpassed the...

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