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Can you summarize GARR Chapter 80-9?
RULES OF DEPARTMENT OF BANKING AND FINANCE. > SUSPICIOUS ACTIVITIES
Short Summary
The provided legal document content pertains to currency transaction reporting and suspicious activities. It states that financial institutions are required to report any currency transaction exceeding $10,000, including transactions exceeding $100,000. These reporting requirements can be satisfied 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). Banks and credit unions must follow federal guidelines for detecting abuses or structuring transactions to avoid Bank Secrecy Act reporting. Financial institutions are also obligated to comply with federal requirements for detecting and reporting suspicious activities. Upon request, the Department of Banking and Finance must be provided with a copy of any suspicious activity report (SAR) filed by a financial institution. The document highlights the importance of reviewing applicable exemptions from filing in the Bank Secrecy Act, as these lawful exemptions apply under this chapter. However, specific exemptions and penalties are not mentioned in the provided content.
Whom does it apply to?
Financial institutions
What does it govern?
Currency transaction reporting and suspicious activities
What are exemptions?
Specific exemptions from filing in the Bank Secrecy Act are mentioned, but not specified in the provided content.
What are the Penalties?
Specific penalties for non-compliance or violation of the documents provisions are not mentioned in the provided content.
Jurisdiction
Georgia