What does FTRA mean in ACCOUNTING
The Financial Transaction Reporting Act (FTR Act) is a U.S. federal government law that requires certain financial institutions to report all transactions involving more than $10,000 in cash or other electronic equivalents. The act also sets out various other requirements for the reporting of information on specific types of accounts and transactions. The primary purpose of the FTR Act is to help prevent money laundering and tax evasion by requiring financial institutions to collect and report information regarding significant financial activities.
FTRA meaning in Accounting in Business
FTRA mostly used in an acronym Accounting in Category Business that means Financial Transaction Reporting Act
Shorthand: FTRA,
Full Form: Financial Transaction Reporting Act
For more information of "Financial Transaction Reporting Act", see the section below.
» Business » Accounting
Essential Questions and Answers on Financial Transaction Reporting Act in "BUSINESS»ACCOUNTING"
What is the Financial Transaction Reporting Act?
The Financial Transaction Reporting Act (FTR Act) is a U.S. federal government law that requires certain financial institutions to report all transactions involving more than ,000 in cash or other electronic equivalents.
What is the purpose of the FTR Act?
The primary purpose of the FTR Act is to help prevent money laundering and tax evasion by requiring financial institutions to collect and report information regarding significant financial activities.
Are there any penalties for not complying with this law?
Yes, any individual or institution that fails to comply with this law can be subject to civil and criminal penalties under the Currency and Foreign Transactions Reporting Act (CTFTRA). These penalties may include fines and/or imprisonment depending on the severity of the violation.
Who enforces compliance with the FTR Act?
The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) is responsible for enforcing compliance with the FTR Act. FinCEN has established different guidelines for different types of banks and financial institutions under its jurisdiction in order to ensure that they are following all applicable reporting requirements set forth by this law.
Does this law apply outside the US?
Yes, this law applies to any US organization doing business overseas as well as foreign entities doing business within US jurisdictions. It is important for US companies operating abroad to understand their obligations under this act in order to avoid any potential civil or criminal liabilities that might arise from non-compliance.
Final Words:
The Financial Transaction Reporting Act (FTRAct) provides important measures designed to help protect against money laundering, terrorism financing, and tax evasion by requiring certain financial institutions within its jurisdiction to report details about large monetary transactions promptly. Although it holds strict enforcement measures for those who fail comply, it provides a much needed measure of security against illicit activity targeting domestic and international markets alike.
FTRA also stands for: |
|
| All stands for FTRA |