WASHINGTON — House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.) was joined by Chairman Barney Frank (D-Mass.) to reintroduce legislation to help ease financial institutions' reporting requirements.
The legislation, Seasoned Customer Exemption Act of 2007 (HR 323), would permit financial institutions to not file Currency Transaction Reports, required for transactions over $10,000, for so-called seasoned customers who regularly do large-volume cash business with an institution and can be reasonably understood to rule out money laundering or terrorist financing.
CTRs help law enforcement find and track money laundering schemes, though they have been largely replaced by Suspicious Activity Reports. "CTRs still have a role to play, but the current system lends itself to excessive cost, duplication, and outright waste," Bachus stated.
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