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#1446040 - 09/21/10 06:36 PM Bank Exemption
SFrost Offline
Junior Member
Joined: Sep 2002
Posts: 35
If a local bank brings us a cashier's check to purchase $30,000 cash....one time only....do we need to automatically add them to our Exempt List?

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#1446100 - 09/21/10 07:16 PM Re: Bank Exemption SFrost
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
They are automatically exempted, being a 'bank operating in the U.S.'. You don't need to file a DOEP form. If you're putting them on your exempt list just to show that you did have a transaction with them, but that they were exempt from CTR, it can't hurt.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1446109 - 09/21/10 07:22 PM Re: Bank Exemption Doug Hendrickson
SFrost Offline
Junior Member
Joined: Sep 2002
Posts: 35
Thanks!

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#1447275 - 09/23/10 02:49 PM Re: Bank Exemption SFrost
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,658
Placing them on your exempt list may also assist your staff in realizing they are exempt. This could be useful as "communication" if you have another bank frequent your branches. Just a thought...
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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