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#2265951 - 02/07/22 09:45 PM DOEP - Funeral Home
Curious in Kansas Offline
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Joined: Oct 2015
Posts: 71
Is a financial institution allowed to exempt a funeral home from CTR filings? Or is it classified as "Practicing medicine" and therefore ineligible?

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#2265952 - 02/07/22 10:09 PM Re: DOEP - Funeral Home Curious in Kansas
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,437
Illinois
People who know me outside of the banking community know how sarcastic I can be. Forgive the crossover from "at home Brian" to "Banker Brian" but if a funeral home is practicing medicine, they must be really bad at it since all of their clients are deceased.

In all seriousness, while there would be no prohibition on exempting a funeral home, the suspicious activity radar in my head would be going off. Every funeral for my family members we've ever had, either the estate or a family member paid the funeral home with check or credit card. I'd be curious about the circumstances for individuals paying for funerals with cash.
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#2265953 - 02/07/22 10:10 PM Re: DOEP - Funeral Home Curious in Kansas
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,691
The Country
I was thinking along the same lines as Brian. Not sure why they would be cash heavy.
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#2265979 - 02/08/22 05:03 PM Re: DOEP - Funeral Home Curious in Kansas
P*Q Offline

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Me three, who has that much cash to pay for a funeral, they are super expensive.

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#2267027 - 03/01/22 02:28 PM Re: DOEP - Funeral Home Curious in Kansas
Curious in Kansas Offline
Member
Joined: Oct 2015
Posts: 71
The CTR cash transactions don't happen frequently. There's been a half a dozen or so over the year. We're in a market that serves a large Hispanic community which is an unbanked/underbanked market. In looking at the obituaries, there's multiple Hispanic individuals listed. I understand the suspicion but have done appropriate due diligence.

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