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#339754 - 03/29/05 04:28 PM Exempt Yourself??

I've been asked why we do not list ourselves (a bank) on our own exempt list to cover the times we send cash from one of our branches to another of our branches via armored car.

I don't think this is reportable or exemptible--does anyone disagree? Any supporting citations?

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#339755 - 03/29/05 04:32 PM Re: Exempt Yourself??
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
No disagreement. There's no CTR because there was no deposit, withdrawal, exchange or other payment or transfer - your bank had the money the entire time, you just put it in a different pocket.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#339756 - 03/29/05 04:33 PM Re: Exempt Yourself??
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Intra-bank movements of cash are not reportable events. You have neither given cash to, nor received cash from, another person.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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#339757 - 03/29/05 06:42 PM Re: Exempt Yourself??
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 318
Whoever asked that question in the first place has too much time on their hands.

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#339758 - 03/30/05 05:23 PM Re: Exempt Yourself??

Another quick question...if the bank acts as a trust agent, should we exempt those transactions?

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