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Ctr exemption review form

Bsa exemption review form 2025

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The document is a BSA Exemption Review Form used to assess the eligibility of a company for exemption from certain Bank Secrecy Act (BSA) requirements. It includes sections for initial exemption requests, due diligence reviews, and criteria for both Phase I (for listed entities) and Phase II (for eligible non-listed businesses). The form requires information about the company's business activities, transaction history, and compliance with specific revenue thresholds to determine exemption status.

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What is considered a non-listed business?

Thus, for purposes of the new exemption procedures, a non-listed business is defined as an enterprise that: (i) has maintained a transaction account at the bank for at least 12 months, (ii) frequently engages in transactions in currency in excess of $10,000, and (iii) does business in the United States.

How to become exempt from CTR reporting?

Serving as a financial institution or as agents for a financial institution of any type. Purchasing or selling motor vehicles of any kind, vessels, aircraft, farm equipment or mobile homes. Practicing law, accounting or medicine. Auctioning of goods.

Do businesses have to file CTR?

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Which types of customers must have an annual review for CTR exemptions?

Exemptions from CTR Reports First, a FI must make an initial designation of the customer as an exempt person by filing a Designation of Exempt Person report within thirty days of the customer becoming eligible for the exemption. FIs must retain documentation supporting eligibility for the CTR exemption.

Which situation would a CTR not need to be filed?

Frequent Large Transactions: If a customer has consistently conducted high-value transactions through the institution over time and demonstrates a clean track record, the institution may choose not to file a CTR for their multiple transactions.

annual exemption review form

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What businesses can be CTR exempt?

The customers that the bank may exempt are called exempt persons. An exempt person may be a bank, government agency/government authority, listed company, listed company subsidiary, eligible non-listed business, or payroll customer.