US House Panel Backs Reducing Banks' Mandatory Regulatory Filings

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00021677-us-house-panel-backs-reducing-banks-manda/

Each time a transaction of $10,000 or more is carried out in banks across the country, a fairy gets its wings and, until recently, banks had to file regulatory reports detailing the transaction.

The required reports were part of an anti-money laundering law. However, according to a Reuters story, the U.S. House Financial Services Committee on Wednesday approved a bill aimed at reducing these regulatory filings.

The bill helps establish the idea of ?seasoned? ? or long-standing ? customers. The new law would not require banks to file reports on these seasoned customers ? and could save banks millions of dollars in costs, work hours, and staff.

The amendment would also allow the Treasury Secretary to determine every five years if the threshold needs to be changed to reflect inflation.

You can read more about this story at US House panel backs reducing bank reports.