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
Sen. Crapo: "There is bipartisan support for creating a regulatory environment where small financial institutions can thrive."
18 seconds ago
PCUA, Pittsburgh FHLB pursue cooperative benefits, Part 2 #NewsNow http://t.co/pvgLJKwqU3
6 minutes ago
.@SenateBanking hearing on small fin. institutions, featuring @CUNA and @TheNCUA testimony, will begin at 10 am http://t.co/6vNSR6e0UY
12 minutes ago
.@Filene's survey of 'every day people:' Unsettled by economic 'recovery,' income inequality See #NewsNow http://t.co/2PMVWaycm3
30 minutes ago
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
13 hours ago