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Banks Should Obtain Financial Information When Determining CTR Exemptions: FinCEN
printBanks should use client financial statements, tax returns and audits when determining whether a business can be exempted from currency transaction reporting duties, the U.S. Treasury Department said Monday. While the Bank Secrecy Act requires that banks file the reports on individuals and businesses that transact more than $10,000 in a single day, a financial institution can exempt certain companies it can "reasonably" determine to be a "non-listed business." Under the rules, banks cannot exempt other financial institutions, companies that operate and charter vehicles and real estate brokers. In cases when a client operates multiple business lines, banks will have...
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