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Plan to Reform Currency Transaction Reporting Clears US Legislative Panel

By Valentina Pasquali

A legislative amendment adopted Thursday would gradually raise the $10,000 threshold above which financial institutions must file currency transactions reports, or CTRs, to the U.S. financial intelligence unit. The last minute amendment to the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act, which would overhaul certain aspects of the Bank Secrecy Act, would require the Financial Crimes Enforcement Network, or FinCEN, to adjust the CTR threshold every five years in line with inflation. Members of the House Financial Services Committee approved the amendment to the bill, or COUNTER Act, on Thursday, in a unanimous vote to send the...

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