Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FinCEN offers guidance on new CTR exemption rule
WASHINGTON (9/1/09)—Responding to a Government Accountability Office (GAO) recommendation for more guidance to help financial institutions determine whether a member or customer is eligible for exemption from currency transaction reporting requirements, the Financial Crimes Enforcement Network (FinCEN) Monday issued new Bank Secrecy Act direction. The FinCEN guidance provides examples and answers to commonly asked questions regarding a final rule that went into effect on Jan. 5, and which made the following changes to the CTR exemption system:
* Elimination of designation and annual review for most Phase I customers; * Financial institutions may now designate an otherwise eligible non-listed business customer/member for exemption if it has conducted five or more reportable transactions in currency within a year (previously, eight or more reportable transactions were required); * The waiting time for Phase II eligibility was decreased from 12 months to two months or less than two months if a risk-based analysis of the member's transactions was conducted; and * Biennial renewals for Phase II exemptions were eliminated.
FinCEN’s new guidance includes an easy-to-read chart to help financial institutions establish when a member or customer can be exempt. Use the resource link below to access more information.
Other Resources

RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
1 Day ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
4 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
5 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
8 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
8 hours ago