Regulatory Alerts2008-04-23
Added
Proposed Amendments to the Bank Secrecy Act Regulations - Exemptions from the Requirement to Report Transactions in Currency; Comment Request
FinCEN proposes to amend 31 CFR Part 103 to simplify the Bank Secrecy Act currency transaction report exemption procedures by eliminating the requirement for depository institutions to biennially renew Phase II exemptions and to file FinCEN Form 110 for Phase I customers. The proposal also removes the 12-month waiting period for designating non-listed businesses and payroll customers as exempt, replacing it with a risk-based determination or an alternative two-month waiting period. These changes apply to depository institutions exempting transactions for other banks, government agencies, listed entities, non-listed businesses, and payroll customers.
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