(205 ILCS 685/4) (from Ch. 17, par. 7354)
Sec. 4.
(a) Every financial institution shall keep a record of every
currency transaction involving more than $10,000 and shall file a report with
the Illinois State Police at such time and containing such information as the Director
by rule or regulation requires. Unless otherwise provided by rule, a
financial institution may exempt from the reporting requirements of this
Section deposits, withdrawals, exchanges, or payments exempted from the
reporting requirements of Title 31 U.S.C. 5313. Each financial institution
shall maintain a record of each exemption granted, including the name,
address, type of business, taxpayer identification number, and account
number of the customer granted the exemption; the type of transactions
exempted; and the dollar limit of each exempt transaction. Such record of
exemptions shall be made available to the Illinois State Police for inspection and
copying.
(b) A financial institution in compliance with the provisions of the
Currency and Foreign Transactions Reporting Act (31 U.S.C. 5311, et seq.)
and Federal regulations prescribed thereunder shall be deemed to be in
compliance with the provisions of this Section and rules or regulations
prescribed thereunder by the Director.
(Source: P.A. 102-538, eff. 8-20-21.)
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