BSA Exemption of Govt Entities - David Dickinson

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BSA Exemption of Govt Entities
Answer by David Dickinson, BOL Guru
Guru BIOS

Question: Do I need to maintain an designation of exemption form on a government/state entity such as a county tax collector account? And do I need to do biennial renewals?

Answer: Government entities qualify for a Phase I exemption. You are required to complete a Designation Of Exempt Person form on these entities, but they do not need to be renewed.

First published on BankersOnline.com 9/6/04

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