| Currency Transaction Report |
Article Index for Currency |
Website Links For Currency |
Information AboutCurrency Transaction Report |
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HISTORY When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act , the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transactional information to Law Enforcement . As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the Suspicious Activity Report (SAR) was introduced. EXTERNAL LINKS |
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