House Bill Would Reduce Money Laundering Reports

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WASHINGTON - The House voted overwhelmingly to allow credit unions and banks to handle large currency transactions from regular customers, so-called seasoned customers, without having to file reports aimed at tracing money laundering and terrorism.

The bill, aimed at saving paper, time and expenses, would allow institutions to skip the Currency Transaction Reports for cash transactions over $10,000 for those regular customers.

The House passed a similar bill last year but it died in the Senate. This year's bill goes back to the Senate for action.

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