(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.Amended by P.A. 102-0538,§ 530, eff. 8/20/2021.