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#103112 - 08/04/03 06:42 PM BSA Exemption of chain store
Anonymous
Unregistered

If Company A owns two of the same chain stores that when added together have frequent currency transactions aggregating over $10,000, and the daily deposits are then forwarded to Company A by ACH, would Company A be the corporation to exempt or would an exemption not be possible because the individual stores do not individually have currency transactions over $10,000?

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Operations Compliance
#103113 - 08/04/03 06:54 PM Re: BSA Exemption of chain store
Kansayaku Offline
Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
Sec. 103.22(d)(6)(v) Aggregated accounts. In determining the qualification of a customer as a non-listed business or a payroll customer, a bank may treat all exemptible accounts of the customer as a single account. If a bank elects to treat all exemptible accounts of a customer as a single account, the bank must continue to treat such accounts consistently as a single account for purposes of determining the qualification of the customer as a non-listed business or payroll customer.
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