Most Popular Compliance Content
8 beneficial owners in 2024? Really?
06/18/2023
Can there be 8 beneficial owners in 2024?
High Risk? Anybody or Nobody?
06/18/2023
Who is high risk for BSA?
Legal counsel is a control person for BOI?
06/11/2023
Is the company’s staff legal counsel considered a control person for beneficial ownership?
Is a wheel-spin game allowed?
06/11/2023
We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.
Required CTR Exemptions
06/04/2023
Are banks required to exempt customers for CTR filing limits? I've worked for banks in the past that never exempted anyone. We just filed CTR's on large cash transactions. So in short is there a regulation stating that banks need to exempt customers, or why is it done?