|Published:||Sep 27, 2010 5:09 PM EDT|
|Updated:||Sep 27, 2010 2:09 PM EDT|
WASHINGTON (AP) - The Obama administration is proposing that banks report all electronic money transfers in and out of the country, expanding its anti-terrorism requirements for financial institutions.
The Treasury Department's Financial Crimes Enforcement Network says the new requirement would boost their ability to track the source of funding for terrorists.
Currently banks are required to only report transactions above $10,000 and any that they consider to be suspicious.
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