H.R.323 - Seasoned Customer CTR Exemption Act of 2007

To amend section 5313 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes. view all titles (3)

All Bill Titles

  • Official: To amend section 5313 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes. as introduced.
  • Short: Seasoned Customer CTR Exemption Act of 2007 as introduced.
  • Short: Seasoned Customer CTR Exemption Act of 2007 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
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01/09/07
 
01/23/07
 
 
 
 
 

Official Summary

Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository inst

Official Summary

Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to:
(1) repeal the authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and
(2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer. Defines qualified customer as any person that:
(1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as 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 federal CTR requirements. Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers. Authorizes the Secretary to:
(1) suspend, reject, or revoke any qualified customer exemption notice; and
(2) establish conditions under which exempt qualified customers of an insured depository institution merged with or acquired by another insured depository institution will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution. Requires the Secretary to submit a three-year review and report evaluating implementation of this Act. Requires the Secretary to review every five years:
(1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR;
(2) adjust such amount for inflation, if any; and
(3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.

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