Skip to content
Thread Options
#600395 - 08/16/06 05:45 PM CTR PHASE I EXEMPTION
019lgoforth Offline
Junior Member
Joined: Feb 2005
Posts: 25
We have a City water account which deposited more than $10,000 in cash today. Is this company exempt as a Phase I? Thanks.

Return to Top
#600396 - 08/16/06 05:54 PM Re: CTR PHASE I EXEMPTION
nk78 Offline
Joined: Aug 2006
Posts: 67
If the water account is held by a city/village, it can be exempted as a "Government Agency / Governmental Authority".

Return to Top
#600397 - 08/16/06 08:13 PM Re: CTR PHASE I EXEMPTION
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Don't forget that you must file a one-time Designation of Exempt Person form to exempt them from currency transaction reporting. If you haven't done that, they are not exempt yet.

Return to Top
#600398 - 08/17/06 12:39 PM Re: CTR PHASE I EXEMPTION
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,793
Cape Cod
But you have up to 30 days from the date of the transaction to file the DEP and not have to complete the CTR. Don't postpone the filing. Thirty days slip by awfully fast!
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  Andy_Z