Late Breaking News
BANKERS' HOTLINE has learned that FinCEN intends to issue an interim rule which will make it clear that money market demand accounts (MMDAs) are subject to the new Phase II exemption rules. Within that same rule, they now also intend to except from CTR reporting cash transactions from Federal Reserve regional banks. As a practical matter, this would eliminate the need for the bank to file a CTR exemption person form for transactions with a Federal Reserve Bank.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 6, 2/00