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FinCEN Lightens Paperwork for Banks Seeking CTR Filing Exemptions
By Matt Squire
printThe U.S. Financial Crimes Enforcement Network (FinCEN) has proposed reducing the paperwork banks do to exempt certain customer transactions from currency transaction reporting rules. FinCEN's proposed amendments to Bank Secrecy Act regulations would allow financial institutions to exempt other depository institutions or government entities without having to apply for the exemptions and without having to make an annual review of the accounts. The changes are a response to a Government Accountability Office report released last February that was critical of the exemption process. Currently, financial institutions must apply to FinCEN to exempt transactions by other depository institutions, U.S. governmental entities,...
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