Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Reg alert on CTR exemptions
ALEXANDRIA, Va. (1/12/10)—The National Credit Union Administration (NCUA) has issued a regulatory alert to red-flag recent guidance by the Financial Crimes Enforcement Network (FinCEN) on determining a accountholders’ eligibility for an exemption from Currency Transaction Report (CTR) requirements. The NCUA issued the alert last month reminding credit unions that under the Bank Secrecy Act (BSA) financial institutions must file a CTR on any transaction in currency of more than $10,000. BSA rules do allow exemptions for certain members, or customers, and FinCEN issued the following guidance late last year on a rule that was actually effective Jan. 5, 2009. In that rule, the NCUA alert noted, FinCEN made the following changes to the previous CTR exemption system:
* Eliminated the designation and annual review requirement for most credit unions; * Decreased the definition of “frequent reportable transactions” from eight to five transactions; * Decreased the waiting time for CTR exemption eligibility from twelve months to two months; and * Eliminated the CTR exemption biennial renewal requirement.
The FinCEN guidance (FIN-2009-G003) also addresses the most frequently asked questions regarding the CTR exemption. Use the resource link below to access the NCUA regulatory alert on the CTR rules.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
8 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
10 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
11 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
11 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
11 hours ago