I know when we have an exempt person we file a FinCen form 110. My question is as follows:

We have changed our name. We have not been bought just changed our name and we have kept the same EIN and same routing number. Do we have to file an amended report showing our new name on all exempt customers.

Thanks

I think this will answer your question.

I recommend filing an amendment for each DEP to reflect the bank's new name.

Also, according to FinCEN's recent instructions to our institution, when you acquire exemptions through an acquisition, the Bank should file a new initial designation of exempt person form. They are new exemptions for the acquiring bank. The date of exemption should reflect the date of acquisition.

You may exempt your Phase II exemptions without starting over for your 12-month history. I do recommend conducting a full due diligence review on all exempt persons to insure that you are comfortable with each customer's activity and nature of business.

Well, since my FI has just changed our name as well, I do not see any reason to file any new documentation with the feds. They are the ones who have approved your new name and we even had to send a notice of name change to the FDIC so our new name is reflected in their databases (I.e., so they can acquire historical data based on the old name and the new name).

I would just continue with business as usual.

Complianceman -- Your assumption that one arm of the "feds" talks to another is just that -- an assumption. You had to advise the FDIC of your new name, but that doesn't translate into knowledge on the part of FinCEN, and that's where these DEPs reside. The plain and simple of this is that when your examiner asks FinCEN for a report of DEPs filed by your bank (and they will), you want the process to go smoothly. You don't want your examiner to claim that half the exemptions you have on file (per your records) aren't found at FinCEN. Failure to file at FinCEN means you've got a technical violation -- at best -- and perhaps some backfiling discussions to go through.

Make the process as easy as possible for FinCEN: File the amendments to the DEPs. It is a PITA, admittedly, but it will pay dividends later.