Money Laundering:

Characteristics of Currency Transaction Reports Filed in Calendar Year 1992

GGD-94-45FS: Published: Nov 10, 1993. Publicly Released: Nov 10, 1993.

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Pursuant to a congressional request, GAO provided information on Currency Transaction Reports (CTR), focusing on: (1) statistical data on the 100 businesses that were the subject of most CTR filed in 1992; and (2) the procedures that can be used to exempt certain businesses from CTR reporting requirements.

GAO found that: (1) the 100 businesses listed as having the most CTR records during 1992 accounted for 13 percent of the total CTR records filed and 22 percent of the total transaction amount reported for businesses; (2) Treasury regulations permit banks to exempt certain types of businesses from CTR reporting requirements for transactions that do not exceed a specified dollar limit; (3) other types of businesses may also be exempted with Treasury's approval, but some businesses are ineligible for any type of exemption; (4) 13 percent of the total CTR business records filed were the result of transactions that exceeded the dollar limit for exemptions; and (5) Internal Revenue Service officials have estimated that between 30 and 40 percent of all CTR records filed could qualify for exemptions.

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