Amendment to the Bank Secrecy Act RegulationsExemptions From the Requirement To Report Transactions in Currency

Короткий зміст

This document contains an interim rule eliminating the requirement to report transactions in currency in excess of $10,000, between depository institutions and certain classes of ``exempt persons'' defined in the rule. The interim rule applies to currency transactions occurring after April 30, 1996. It is adopted as a major step in reducing the burden imposed upon financial institutions by the Bank Secrecy Act and increasing the cost-effectiveness of the counter- money laundering policies of the Department of the Treasury. The interim rule is part of a process to achieve the reduction set by the Money Laundering Suppression Act of 1994 in the number of currency transaction reports filed annually by depository institutions.