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#2015114 - 05/20/15 12:42 PM CTR Backfiling Determination
bhazzard Offline
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Joined: Dec 2010
Posts: 120
We have a customer who was exempt and has been with us for a long time. At some point he restructured (renamed his businesses that he banks with us, including dissolving the old business names and filing new documents with the state).

During our exemption review we do look at the State website to verify the status of the business but somehow it was missed that the exempted businesses were dissolved last year.

We have a comfort level with this customer and have made the risk based decision to exempt the new "businesses" as they are technically the same as the previously exempted businesses.

My question is over the past year we did not file CTRs as we had the customer exempt. Now it appears he was operating as the "new business" since the restructuring so should we complete a backfilling determination since technically we did not have an "eligible" business?

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#2015119 - 05/20/15 01:03 PM Re: CTR Backfiling Determination bhazzard
BSA Aficionado Offline
Member
Joined: Feb 2013
Posts: 98
I believe a backfiling determination is in order and would contact FinCEN to relay the circumstances..better to proactively address than to reactively deal with it when being examined..FinCEN may instruct you to backfile or may grant you regulatory relief..but it will be their call..

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#2015147 - 05/20/15 02:14 PM Re: CTR Backfiling Determination BSA Aficionado
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
And if they do grant you regulatory relief, note the time, date and person who gave you that relief so that it can be documented if an examiner questions it.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#2016396 - 05/27/15 08:28 PM Re: CTR Backfiling Determination bhazzard
CFR31 Ch x Offline
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Joined: Dec 2014
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