Subject 80-9-1 CURRENCY TRANSACTION REPORTS AND SUSPICIOUS ACTIVITIES: BANKS
Rule 80-9-1-.01 State Requirements
| (1) | A financial institution required to report any currency transaction in excess of $10,000 including a transaction in excess of $100,000 may satisfy state currency transaction filing and reporting requirements by filing a timely report (FinCEN Form 104) with the federal authority designated in the Currency and Foreign Transaction Reporting Act of 1970 ("Bank Secrecy Act"). |
| (2) | Banks and credit unions are required to follow federal guidelines for detecting abuses or the structuring of transactions designed to avoid Bank Secrecy Act reporting, including transactions described in Rule 80-3-1-.04(4). |
Rule 80-9-1-.02 Suspicious Activities: State Financial Institutions
Financial institutions must comply with federal requirements for detecting and reporting any suspicious activities. A copy of any suspicious activity report ("SAR") filed by a financial institution shall be provided to the Department upon request.
Rule 80-9-1-.03 Exemptions
All financial institutions should review applicable exemptions from filing in the Bank Secrecy Act and such lawful exemptions shall apply under this chapter.