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​​Banks should continue to report $10,000 transactions, FinCEN director tells Senate Banking Committee

( November 29, 2018, 22:32 GMT | Official Statement) -- MLex Summary: Banks should continue to report currency transactions of $10,000 or more because the Financial Crimes Enforcement Network obtains useful information from such reports, FinCEN Director Kenneth Blanco told the Senate Banking Committee. He said that doubling the threshold to $20,000 would deprive FinCEN of 60 percent of the data it gets through the reporting regulation. He also said that FinCEN supports innovation in making anti-money laundering efforts more effective. "We are exploring more powerful and innovative tools to analyze the reporting that we collect to be more proactive and effective," Blanco said.Testimony follows:...

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