United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-03-15 monographic deposited born digital GA 1.13:T-GGD-94-113 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-113 P0b002ee180378841 f:tgg94113 DGPO 2010-08-12 2011-03-24 GAOREPORTS-T-GGD-94-113 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-94-113 T-GGD-94-113 Money laundering Reporting requirements Law enforcement agencies Data bases Financial institutions Intelligence gathering operations Crimes or offenses Financial disclosure reporting White collar crime Financial records Treasury Currency Transaction Report Treasury Financial Crimes Enforcement Network Treasury Enforcement Communications System California Florida Illinois Maryland New York Georgia Nebraska North Carolina Utah Testimony GGD The Bank Secrecy Act requires banks and other financial institutions to file a currency transaction report for each transaction involving more than $10,000 in cash. The number of reports filed has been steadily increasing--as of April 1993 nearly 50 million reports had been filed, and this figure could double in the next three years. Although these reports are extremely useful in detecting and prosecuting money laundering, GAO concludes that the volume of filings could be substantially reduced without jeopardizing law enforcement. In fact, the large volume of reports has made analysis difficult, expensive, and time-consuming. Many of the reports being filed are of routine business transactions that could have been exempted from being reported. GAO supports the provisions contained in S. 1664 that would encourage greater use of exemptions for routine transactions with no law enforcement value. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-94-113/html/GAOREPORTS-T-GGD-94-113.htm GAO/T-GGD-94-113 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-113 Testimony GAO/T-GGD-94-113; Money Laundering: The Volume of Currency Transaction Reports Filed Can and Should Be Reduced; Money laundering Reporting requirements Law enforcement agencies Data bases Financial institutions Intelligence gathering operations Crimes or offenses Financial disclosure reporting White collar crime Financial records Treasury Currency Transaction Report Treasury Financial Crimes Enforcement Network Treasury Enforcement Communications System California Florida Illinois Maryland New York Georgia Nebraska North Carolina Utah