Regulatory Alerts2000-07-28
Added
Amendment to the Bank Secrecy Act Regulations—Exemptions From the Requirement to Report Transactions in Currency
The interim rule modifies 31 CFR 103.22 to extend exemption procedures for reporting currency transactions in excess of $10,000 to transactions involving money market deposit accounts used for business purposes. This change allows non-listed businesses and payroll customers to exempt transactions from reporting requirements if they meet specific criteria, including maintaining the account for at least 12 months and frequently engaging in transactions exceeding the threshold. The rule also makes technical changes to the exemption procedures and becomes effective on July 31, 2000.
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