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Home > Regulation & Examinations >
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Federal Register Citations |
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FDIC Federal Register Citations Bank of Las Vegas From: Don H Kelly [mailto:dkelly@bankonblv.com] Sent: Thursday, February 03, 2005 1:34 PM To: Comments Subject: EGRPRA BURDEN REDUCTION COMMENT This response is to your request for comments regarding regulations that are outdated, unnecessary, or unduly burdensome, and especially Money Laundering. The current limit of $10,000 for currency transactions, and $3,000 for monetary instruments should be increased significantly. Our bank would recommend limits of $50,000 and $20,000 respectively. The reasons for our recommendation are: 1. The current levels are not indicative of “large” transactions in today’s economy. 2. A significant cost is imposed on our bank to monitor transactions under the current guidelines. 3. It is extremely unlikely that any federal agency would actively pursue a customer who was determined to have conducted money laundering for small amount (for instance, $15,000). 4. The government should direct its efforts, and that required of banks, to more significant transactions and perpetrators of money laundering activities.
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Last Updated 02/04/2005 | Regs@fdic.gov |
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