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#564357 - 06/08/06 02:22 PM Financial Institution Cash Purchase CTR?
You Busy? Offline
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You Busy?
Joined: Mar 2005
Posts: 45
Upstate New York
First, I apologize, I know I should already know the answer to this....
Financial Institution #1 buys $17,000.00 in currency from Financial Institution #2. Is Financial Institution #2 required to file a CTR and/or a Designation of Exempt Person form - or do they just need to add Financial Institution #1 to their Phase I exemption list?

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#564358 - 06/08/06 05:39 PM Re: Financial Institution Cash Purchase CTR?
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
We file a designation of exempt person and then add the financial institution to our list Phase I exemptions.

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#564359 - 06/09/06 12:40 PM Re: Financial Institution Cash Purchase CTR?
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Unless there is some reason we are certain we will not be handling cash transactions for the institution in the future, we exempt as a Phase I entity as well.
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