Regulatory Alerts2012-09-10
Added · Updated
FinCEN Guidance on Definitions of Motor Vehicles, Vessels, Aircraft, and Farm Equipment for CTR Exemptions
The Financial Crimes Enforcement Network issued this guidance to define motor vehicles, vessels, aircraft, and farm equipment for determining eligibility for Currency Transaction Report exemptions. The agency interprets these terms broadly by referencing other federal statutes, classifying items such as jet skis, hang gliders, agricultural machinery, and low-speed vehicles as covered categories. Financial institutions must maintain records substantiating that exempt customers derive no more than 50 percent of their annual gross revenues from these ineligible business activities.
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