Amendment to the Bank Secrecy Act Regulations: Exemptions from the Requirement to Report Transactions in CurrencyPhase II

Summary

The Financial Crimes Enforcement Network (FinCEN) has issued a final rule to simplify the process of exempting transactions of retail and other businesses from reporting transactions in currency exceeding $10,000, as part of a broader effort to reduce unnecessary burdens on financial institutions and increase the cost-effectiveness of counter-money laundering policies.