Exempt Person Reporting

Question: I was going through my Exempt Person Data today and I realized that I think I neglected to file my one and only Biennial Renewal this year. All the rest of our exemptions are due on the odd year, and I just let this one slip past me. I may have done it and misplaced it, but that is unlikely as I keep all of that file in one place. Do you have any advice on what I should do?

Answer: (Thanks to Peter Djinis for his response)
The matter could become serious if you missed any/many reportable transactions while your customer was no longer exempt. You need to call Detroit - they will probably say to file your exemption as soon as possible. But you'll have to ask them if they want you to back-file any missing transactions. The Detroit Computing Center has a policy that they will not refer a matter to FinCEN if the missing transactions are on an otherwise exempt entity and there is no allegation or appearance of suspicious activity. You may have to write to DCC with your question about back-filing, explaining the whole matter to them. Normally, you would not have to go through the entire exemption process in a case like this. But who knows what they may ask for?! Be sure you document your answers - time, date, who you talked to, question and answers - and keep it on file. DO NOT depend on this email answer to be the one given you by DCC. You can reach the DCC Hotline at (800) 800-2877. You have to go to them for your final answer. Good luck!

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 10, 12/04