Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 hour ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 hour ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
3 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
3 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
6 hours ago