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Amendment to the Bank Secrecy Act RegulationsExemptions from the Requirement To Report Transactions in CurrencyPhase II

aml-bsa-fincen · FinCEN · Rule · Published 1998-09-21 · Effective 1998-10-21 · 63 FR 50147

Document

Document number
98-24969
Federal Register citation
63 FR 50147
CFR reference
31 CFR 103
Type
Rule
Action
Final rule.
Category
aml-bsa-fincen
Sub-agency
FinCEN
Publication date
1998-09-21
Effective date
1998-10-21

Abstract

This document contains a final rule that further reforms and simplifies the process by which depository institutions may exempt transactions of retail and other businesses from the requirement to report transactions in currency in excess of $10,000, and restates generally, to reflect such changes, the text of the Bank Secrecy Act regulation requiring the reporting by financial institutions of transactions in currency. The final rule, as issued by the Financial Crimes Enforcement Network (``FinCEN''), constitutes a further step in achieving the reduction set by the Money Laundering Suppression Act of 1994 in the number of currency transaction reports required to be filed annually by depository institutions, as part of a continuing program to reduce unnecessary burdens imposed upon financial institutions by the Bank Secrecy Act and increase the cost-effectiveness of the counter- money laundering policies of the Department of the Treasury.

Source

Authoritative
Federal Register document
Machine
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