120 STAT. 2008
PUBLIC LAW 109–351—OCT. 13, 2006
(d) CONTENT.—The study required under subsection (a) shall include a detailed evaluation of— (1) the extent to which depository institutions are availing themselves of the exemption system for the filing of currency transaction reports set forth in section 103.22(d) of title 31, Code of Federal Regulations, as in effect during the study period (in this section referred to as the ‘‘exemption system’’), including specifically, for the study period— (A) the number of currency transaction reports filed (out of the total annual numbers) involving companies that are listed on the New York Stock Exchange or the NASDAQ National Market; (B) the number of currency transaction reports filed by the 100 largest depository institutions in the United States by asset size, and thereafter in tiers of 100, by asset size; (C) the number of currency transaction reports filed by the 200 smallest depository institutions in the United States, including the number of such currency transaction reports involving companies listed on the New York Stock Exchange or the NASDAQ National Market; and (D) the number of currency transaction reports that would have been filed during the filing period if the exemption system had been used by all depository institutions in the United States; (2) what types of depository institutions are using the exemption system, and the extent to which such exemption system is used; (3) difficulties that limit the willingness or ability of depository institutions to reduce their currency transaction reports reporting burden by making use of the exemption system, including considerations of cost, especially in the case of small depository institutions; (4) the extent to which bank examination difficulties have limited the use of the exemption system, especially with respect to— (A) the exemption of privately-held companies permitted under such exemption system; and (B) whether, on a sample basis, the reaction of bank examiners to implementation of such exemption system is justified or inhibits use of such exemption system without an offsetting compliance benefit; (5) ways to improve the use of the exemption system by depository institutions, including making such exemption system mandatory in order to reduce the volume of currency transaction reports unnecessarily filed; and (6) the usefulness of currency transaction reports filed to law enforcement agencies, taking into account— (A) advances in information technology; (B) the impact, including possible loss of investigative data, that various changes in the exemption system would have on the usefulness of such currency transaction reports; and (C) changes that could be made to the exemption system without affecting the usefulness of currency transaction reports.
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