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Weekly Roundup: FinCEN Seeks Comment on Reporting Forms, Germany Gets Deadline for Third Directive Compliance, and More
printThe U.S. Treasury Department's Financial Crimes Enforcement Network asked financial institutions on Wednesday to comment on two proposals related its ongoing overhaul of the bureau's electronic Bank Secrecy Act database. The first involves the data fields that will be included in the revamped Currency Transaction Report (CTR). Under the proposal, there will be a total of 43 fields, which FinCEN estimates will take 20 minutes to fill, with an additional 20 minutes needed for recordkeeping. More The second addresses the data fields for filing a Designation of Exempt Person Report, which will have 31 different fields and cover both the...
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