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#1105407 - 01/05/09 04:46 PM
new ctr exemption process
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Diamond Poster
Joined: Nov 2004
Posts: 1,005
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Under the new exemption process I will be able to exempt several of our members. Can I use the past two months worth of activity as my supporting documentation and file the exemption today or do I have to start compiling as of today going forward two months and then file the exemption?
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#1105425 - 01/05/09 05:06 PM
Re: new ctr exemption process
river girl
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Diamond Poster
Joined: Mar 2007
Posts: 2,108
gone fishin'
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Did I miss something? Is there a new exemption process?
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#1105432 - 01/05/09 05:16 PM
Re: new ctr exemption process
WonderWoman
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Diamond Poster
Joined: May 2005
Posts: 1,813
Giant side of TX
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NOT NEW - - Yes FinCEN put out new rules on 12-4 & it is effective 30 days from Puglishing = TODAY Jan 5, 2009.
SUMMARY
Gone is = Annual review of other banks / Fin Inst / Gvmt entities
Gone is = Biennial renewal filing with FinCEN (Phase 2), you do still have to analyze every yr. to assure they still qualify
Gone is = report change in control of entity, for an exempt customer (non-listed entity)
Customer for 12 mo = changed to 2mo, or after a risk based analysis of legitimacy of customer & their transactions
Frequent cash trans = definition changed from 8 times per yr, to 5 times per yr
River Girl - - You don't have to wait, the "requirement" is they have been your customer 2mo, not that you have to wait 2mo after the rule becomes effective.
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#1105435 - 01/05/09 05:22 PM
Re: new ctr exemption process
ktac MITCH
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Diamond Poster
Joined: Mar 2007
Posts: 2,108
gone fishin'
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Wow - I heard this was happening - but was under the impression it hadn't passed yet ...
can you provide a link?
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#1105449 - 01/05/09 05:33 PM
Re: new ctr exemption process
WonderWoman
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Diamond Poster
Joined: May 2005
Posts: 1,813
Giant side of TX
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This is link to FinCEN info here This is link to the rule here at BOL here
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#1105500 - 01/05/09 06:07 PM
Re: new ctr exemption process
ktac MITCH
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Diamond Poster
Joined: Mar 2007
Posts: 2,108
gone fishin'
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one more question ...
will they be updating the form 110?
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My opinions are my own, and not that of my employer.
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#1105552 - 01/05/09 07:07 PM
Re: new ctr exemption process
WonderWoman
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Gold Star
Joined: Nov 2005
Posts: 383
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Just to make sure that I understand.... no more biennial filing of FinCEN form 110 on Phase II exemptions and no initial DOEP filing on financial institutions, government agencies. Right?
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#1105554 - 01/05/09 07:08 PM
Re: new ctr exemption process
WonderWoman
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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There is no current plan to update the Form 110. Here is what the information accompanying the publication of the revisions in the Federal Register has to say on the topic of completing the Form 110: V. Revision of FinCEN Form 110To assist depository institutions in completing the DOEP, FinCEN Form 110, FinCEN is providing the following guidance for items affected by this final rule. - Depository institutions should disregard any references to biennial renewals that appear on the face of FinCEN Form 110 (specifically, Part I, Item 1b, "Biennial renewal"; Part II, Item 11; Part III, Item 19, second sentence; and Part V), as well as in the instructions to the form (specifically in the second paragraph under the heading "When and where to file"; the second sentence under the heading "Specific Instructions" that begins, "Additionally, with regard to non-listed businesses. * * *"); and the instruction to Item 11 under the heading "Exempt Person Information."
- Depository institutions should disregard Part II, Item 10a, "Bank" and "Government agency/Government authority."
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8
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#1105557 - 01/05/09 07:19 PM
Re: new ctr exemption process
John Burnett
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Diamond Poster
Joined: Mar 2007
Posts: 2,108
gone fishin'
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Thanks so much John!
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#1105655 - 01/05/09 09:22 PM
Re: new ctr exemption process
nemsi
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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Just to make sure that I understand.... no more biennial filing of FinCEN form 110 on Phase II exemptions and no initial DOEP filing on financial institutions, government agencies. Right? Right!
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8
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#1106388 - 01/06/09 09:58 PM
Re: new ctr exemption process
Rae
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10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
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There never was an official definition for "change in control;" it varied with the personal opinion of the reviewer. That was one of the better reasons for getting rid of it, but there were others.
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#1108242 - 01/09/09 02:56 PM
Re: new ctr exemption process
Elwood P. Dowd
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100 Club
Joined: Sep 2005
Posts: 138
OH
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What about upcoming (March '09) biennial filings that are due on previously exempt customers? Are these "grandfathered" into these new rules? Or do we need to submit the biennial filing this time around and then "play by the new rules?"
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#1108264 - 01/09/09 03:09 PM
Re: new ctr exemption process
rookie11
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10K Club
Joined: Jul 2001
Posts: 83,371
Galveston, TX
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Are these "grandfathered" into these new rules?
Yes
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#1112227 - 01/16/09 01:53 PM
Re: new ctr exemption process
rlcarey
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100 Club
Joined: Sep 2005
Posts: 138
OH
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OK! So annual reviews but no biennial filings required. THANKS RLCAREY!
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#1112307 - 01/16/09 03:22 PM
Re: new ctr exemption process
rookie11
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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You'll see in today's (1/16/09) Top Stories that FinCEN has released guidance on completion of the Form 110 Designation of Exempt Person. It's an exact repeat of wording in FinCEN's Federal Register publication of the final rule.
To assist depository institutions in completing the DOEP, FinCEN Form 110, FinCEN is providing the following guidance for items affected by this final rule.
• Depository institutions should disregard any references to biennial renewals that appear on the face of FinCEN Form 110 (specifically, Part I, Item 1b, "Biennial renewal"; Part II, Item 11; Part III, Item 19, second sentence; and Part V), as well as in the instructions to the form (specifically in the second paragraph under the heading "When and where to file"; the second sentence under the heading "Specific Instructions" that begins, "Additionally, with regard to non-listed businesses. * * *"); and the instruction to Item 11 under the heading "Exempt Person Information."
• Depository institutions should disregard Part II, Item 10a, "Bank" and "Government agency/Government authority."
Specific questions may be directed to the FinCEN Helpdesk by calling 800-949-2732, and selecting option 3.
It might have been easier and cheaper just to amend the form. I have a copy of the Form 110 in front of me, with the items to be ignored lined out in red (both sides). It looks like a bloodbath. Interestingly, FinCEN has placed a copy of its Guidance as a coversheet on any Form 110 you download from its site.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8
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