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Bank of Las Vegas
From: Don H Kelly [mailto:email@example.com]
Sent: Thursday, February 03, 2005 1:34 PM
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This response is to your request for comments regarding regulations that are outdated, unnecessary, or unduly burdensome, and especially Money Laundering.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.
|Last Updated 02/04/2005||Regs@fdic.gov|