Bid Would Reduce Money LaunderingFiling

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WASHINGTON - (05/25/06) – The House Financial ServicesCommittee approved a bill Wednesday that would vastly cut down onthe number of Currency Transaction Reports made by credit unionsand banks. The bill would exempt CTRs requirements for aninstitution’s so-called seasoned customers, those who havebeen customers for a year or longer. Credit unions and banks mustfile CTRs when someone deposits more than $10,000. The vastmajority of CTRs, more than 90%, are filed for seasonedcustomers.

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