Currency transaction reports (CTRs) have received a restrained vote of confidence from law enforcement agencies in a U.S. General Accountability Office (GAO) report on the value of the filings, which are required under the Bank Secrecy Act (BSA).
The House of Representatives in January 2007 passed the Seasoned Customer CTR Exemption Act, but the Senate has been waiting to act on its version of the bill while the GAO studied the extent to which CTRs burden financial institutions and to what degree the regulations governing the reports can be amended without negatively affecting law enforcement.
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