In Brief: Treasury Backs Interim Anti-Laundering Rules

The Treasury Department approved an interim rule Wednesday aimed at eliminating nearly two million currency transaction reports filed by banks every year.

Effective May 1, banks will no longer have to report $10,000 transactions involving other domestic banks; federal, state, or local government agencies; or companies whose stock is traded on the New York Stock Exchange, American Stock Exchange, Nasdaq, or their subsidiaries if the parent corporation files a consolidated tax return.

Banks will file one currency transaction report for each exempt company. They won't have to file another document unless they detect a suspicious activity.

Treasury also asked the public to comment on whether the interim rule should be made permanent.

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