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FDIC Federal Register Citations

Bank of Las Vegas

From: Don H Kelly []
Sent: Thursday, February 03, 2005 1:34 PM
To: Comments

This response is to your request for comments regarding regulations that are outdated, unnecessary, or unduly burdensome, and especially Money Laundering.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.

Don H. Kelly
Executive Vice President
The Bank of Las Vegas
Las Vegas, New Mexico

Last Updated 02/04/2005

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