Regulatory Alerts2002-01-15
Added
Guidance on Using Gross Revenue to Determine CTR Exemption Eligibility
FinCEN clarifies that the term "gross revenue" in CTR exemption regulations refers to the amount a business actually earns from an activity, rather than the total sales volume. This interpretation allows businesses with multiple activities to qualify for exemption from Currency Transaction Report filing requirements provided no more than 50% of their gross revenue is derived from ineligible activities such as gaming. Consequently, FinCEN determined that the named banks properly exempted the specified customers and will not require backfiled CTRs for the period from March 31, 2000, through September 13, 2001.
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