Regulatory Alerts2012-06-07
Added
Amendment to the Bank Secrecy Act Regulations—Exemption From the Requirement To Report Transactions in Currency
The Financial Crimes Enforcement Network amends 31 CFR 1020.315(b)(7)(ii) by substituting the term "frequently" for "regularly" in the definition of a payroll customer exempt from currency transaction reporting. This change aligns the exemption standard for payroll customers with that for non-listed businesses, applying the existing interpretation that "frequently" means five or more transactions per year. The amendment is effective June 7, 2012, and allows depository institutions to exempt currency withdrawals for payroll purposes if the customer withdraws currency five or more times annually.
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