Skip to content
BOL Conferences
Thread Options
#579730 - 07/05/06 10:00 PM Seasoned Customer for exemptions
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
I know there is currently some buzz about a new "seasoned customer" exemption.

Has anyone heard anything more about how this will be different than the current exemption process?

Return to Top
BSA/AML/CIP/OFAC Forum
#579731 - 07/05/06 10:14 PM Re: Seasoned Customer for exemptions
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Prior thread It's proposed legislation; the method is not currently available and there is no assurance that it ever will be. Patience.

Personally, I think it will do nothing more that expand the compliance risk banks assume when they use exemptions. CTR filing requirements should be flushed. Cash activity is either suspicious or it isn't.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#579732 - 07/05/06 10:18 PM Re: Seasoned Customer for exemptions
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
AMEN!
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  Andy_Z