A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
Banks will be required to report all cross-border fund transmittal orders to the U.S. Treasury Department within five days, under the terms of proposed regulation released Monday. Under the proposal, money service business must report transactions of $1,000 or more.
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