![]() ![]() In addition, this program complements existing internal education sessions to help meet the annual BSA/AML training requirements for personnel and it allows time for questions from participants. ![]() This ninety-minute webinar from FORVIS will provide the compliance, audit, and sales staffs with a “snapshot” of the current CTR exemption process. Exemption Process: Questions & Answers Date: October 1998 Advisory: Issue 10 Overview This advisory provides answers to several questions concerning the process by which financial institutions may exempt retail and other businesses from the requirement to report currency transactions exceeding 10,000. How to identify and report suspicious activity within these exemption categories when appropriate.The due diligence expectations applied to financial institutions utilizing these exemption opportunities and.The proper utilization of the Designation of Exempt Person form (DOEP – FinCEN Form 110) Exemptions from the Foreign Currency Purchase Tax a payment of premium income by a local insurance company or a non-resident insurance undertaking a.The philosophical and logistical differences between the Phase 1 and Phase 2 entities.The ingredients and “challenges” associated with the Phase 2 “non-listed business” exemptions.The “challenges” found within the Phase 1 – “listed business” exemptions.Card clubs completing a currency transaction report must identify persons on whose behalf. 6 An individual purchasing chips with currency is conducting a cash-in transaction. The “opportunities” surrounding the Phase 1 – “bank and government” (truly automatic) exemptions The regulations require a card club to file a currency transaction report for each transaction in currency involving cash in or cash out of greater than 10,000.The program modifications implemented over twelve years ago streamlined some of the major stumbling blocks found within the previous exemption process, making CTR exemptions more attractive for financial institutions. With millions of CTRs filed each year, a successful exemption program can reduce the CTR compliance burden imposed on a financial institution, while at the same time providing law enforcement with necessary information to pursue suspicious transactions. Presenter: Mark Dever, AAP, CAMS, Vice President, FORVISĪ ninety-minute webinar to update members of the compliance community on the process of exempting certain business clients from the Currency Transaction Reporting (CTR) requirements. ![]()
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