08-EA-14: FinCEN: Exemption from the Requirement to Report Transactions in Currency

As directed by the Bank Secrecy Act (BSA), the Department of Treasury's FinCEN requires financial institutions, including credit unions, to report transactions in currency in excess of $10,000. The Money Laundering Suppression Act of 1994 amended the BSA by establishing a statutory system of exempting transactions by certain customers of depository institutions. This system devised two types of exemptions: mandatory exemptions and discretionary exemptions.

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