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

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

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#600397 - 08/16/06 08:13 PM Re: CTR PHASE I EXEMPTION
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
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.

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#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!
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