Sal Marranca, chief executive officer of Cattaraugus County Bank in Little Valley, N.Y., said his institution files about 25 currency transaction reports (CTRs) a week with the U.S. Treasury – a significant amount for a bank with $135 million in assets. However, Marranca said the bank is reluctant to seek filing exemptions for its regular customers for fear of attracting regulatory action. "Probably 75 percent of [our CTRs] are repeats, so either we're not sophisticated enough to know how the system works to exempt them, or we're afraid of doing that," said Marranca in an interview. The Bank Secrecy Act...
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