CTR Exemption For "Check Cashing" Store


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CTR Exemption For "Check Cashing" Store
by: Ken Golliher, BOL Guru
BIO AND CONTACT INFO

Question: Is is permissible to exempt for CTR purposes a "check cashing" store, or would this fall under one of the eligible customers?

Answer: A check cashing store is a financial institution. As such, it cannot be exempted from CTR filing.

In addition, non-traditional financial institutions should be subjected to your institution's monitoring program. In effect, not only can you not exempt them, you must monitor their activity as a business at high risk of being used to launder money.

First published on BankersOnline.com 3/4/02

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