Money Laundering

     WASHINGTON (CN) – The Treasury Department’s Financial Crimes Enforcement Network proposes to add to the list of entities for which banks do not have to report coin and currency transactions over $10,000.

      The reporting requirement provides a list of cash transactions for law enforcement to use to investigate financial crimes.
      The Treasury Department seeks to reduce reporting requirements, so proposes to allow banks to exempt more categories of customers.
      Entities whose transactions are exempted already include banks, states and federal agencies, and under the proposed rule may include companies whose stocks are National Market Securities.

Exit mobile version