Government Auditor Calls for Simplified Exemption Rules for Currency Transaction Reports

By Matt Squire

A government auditor called on the U.S. Financial Crimes Enforcement Network to simplify rules for currency transaction reporting exemptions and give financial institutions guidance on filing for such exemptions. The Government Accountability Office, in a report issued Thursday, said financial institutions shy away from seeking exemptions that would reduce the number of CTRs they must file every year because the rules are unnecessarily complicated and they fear regulatory reprisals. The GAO concluded in its study that CTRs are valuable to law enforcement and that financial institutions failed to show that that the burden of filing them is unnecessarily high. Those...