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FinCEN says reporting change brought CTR filing decrease
VIENNA, Va, (7/13/10)—A new report describes the impact of a new Bank Secrecy Act (BSA) rule that was intended to simplify the process by which credit unions and other financial institutions can exempt the transactions of certain accountholders from a requirement to report transactions in currency in excess of $10,000. The Financial Crimes Enforcement Network (FinCEN) says in its new report that the rule, which went into effect 18 months ago on Jan. 5, 2009, has had a positive impact on reducing the cost of the exemption process to depository institutions by eliminating the need to file “designation of exempt persons,” or DOEP, for certain members or customers. FinCEN also claims the rule has enhanced the value and usefulness of the remaining currency transaction report (CTR) filings for law enforcement investigative purposes by removing filings that FinCEN says had little or no value to that effort. The changes to the filing rule, FinCEN said, resulted 12% drop in CTRs in 2009, to 13.7 million, and in a 44% drop in the number of exemption filings—to an all-time low of 29,000. FinCEN said CTR filings declined by 13.6% at the smallest institutions and by 20% at the largest ones. Use the resource link below to read more.
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