The U.S. House of Representatives passed a bill Tuesday that would reduce the number of currency transaction reports (CTR) banks must file by allowing them to exempt certain longstanding customers. The measure, known as the Seasoned Customer CTR Exemption Act, would permit banks to exempt the accounts of business customers incorporated or organized in the U.S. that have maintained accounts for at least 12 months and have conducted multiple reportable transactions. Under the Bank Secrecy Act, U.S. financial institutions are required to file CTRs for all cash transactions of more than $10,000. The House passed the bill on a voice...
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