Official Summary

3/9/2007--Introduced.CTR Modernization Act - Amends federal law governing mandatory reports on currency transactions to exempt depository institutions from the requirement that all domestic financial institutions file a report on every domestic coin and currency transaction. Requires such

Close

Official Summary

3/9/2007--Introduced.
CTR Modernization Act - Amends federal law governing mandatory reports on currency transactions to exempt depository institutions from the requirement that all domestic financial institutions file a report on every domestic coin and currency transaction. Requires such a depository institution to file a currency transaction report, however, if the transaction involves at least $30,000. Prohibits the Secretary of the Treasury after a certain date from requiring a depository institution to file a currency transaction report regarding a transaction of less than $30,000. Directs the Secretary to:
(1) review at least every five years the threshold for reporting currency transactions; and
(2) adjust the threshold amount for inflation. Directs the Secretary to prescribe regulations that exempt any depository institution from reporting a currency transaction with a qualified customer. Defines qualified customer as any person that:
(1) is incorporated or organized under federal or state law, or registered and eligible to do business within the United States or a state;
(2) has maintained a deposit account with the depository institution for at least 12 months; and
(3) has engaged, using such account, in multiple currency transactions subject to reporting requirements. Requires the Secretary to prescribe regulations that:
(1) provide guidance on identifying currency transactions involving illegal or suspicious activities; and
(2) create a list of information that may be disclosed to customers before the reporting of suspicious activity.


...Read the Rest