Regulatory Alerts1998-09-21
Added
Amendment to the Bank Secrecy Act Regulations -- Exemptions from the Requirement To Report Transactions in Currency -- Phase II
The final rule restates 31 CFR Part 103 to simplify the process by which depository institutions may exempt transactions in currency exceeding $10,000 from reporting requirements. It eliminates the prior administrative exemption system and establishes new categories for exempt persons, including non-listed businesses and payroll customers. Banks are required to renew these exemptions every two years and maintain a system to monitor for reportable suspicious activity, while no longer being required to estimate or report annual aggregate currency deposits and withdrawals for these customers.
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